LOC17:56
14:56 GMT
KUWAIT, Sept 8 (KUNA) -- The National Assembly approved Tuesday two draft budgets on the adoption of the final account of Kuwait Petroleum Corporation (KPC) and its subsidiaries for the 2018-19 and 2019-20 fiscal years, as well as a bill linking the corporation's budget for 2020-21, referring it to the government.
The results of the vote on the three bills in the special session of the National Assembly showed the approval of 31 members and rejected 12 of the total attendance of 43 members.
Based on a report by the Parliamentary Budget and Final Account Committee on the draft law approving the final account of the corporation and its subsidiaries for the fiscal year 2018-19, revenues amounted to about KWD 24 billion (approximately USD 78 billion), while expenditures added up to about KWD 23 billion (roughly USD 75 billion).
The committee's report stated that the net profits of the corporation and its companies for the fiscal year 2018-19 were estimated at 879 million (USD three billion), of which about KWD 88 million (USD 288 million) were distributed for KPC's general reserve and about KWD 791 million (two billion USD) was transferred to the state treasury.
According to the report on the draft law approving the final account for the fiscal year 2019-20, revenues reached KWD 21 billion (USD 69 billion), while expenditures amounted to around KWD 20 billion (USD 65 billion).
The committee's report stated that the net profits of the corporation and its companies for the fiscal year 2019-20 estimated at roughly KWD 395 million (USD one billion), of which around KWD 39 million (USD 127 million) were distributed for the general reserve of the corporation and about KWD 356 million (USD one billion) were distributed to the state treasury.
Turning to the report on the draft law linking KPCآ’s budget for the fiscal year 2020-21, revenues are estimated at KWD 12 billion (USD 39 billion), while expenditures reached KWD 11 billion (USD 36 billion).
The report stated that the net profits for the fiscal year 2020-21 are estimated at KWD 938 million (USD three billion) and distributed in accordance with Article 12 of Decree Law No. 6/1980. (pickup previous)
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