Kuwait Petroleum Company reduced its capital budget for the next five years by 25% and decided to postpone a number of projects.

According to Reuters, the move came after the company reviewed its plans; < In response to directives from the Council of Ministers.

The company clarified in a statement that the review will not affect its strategic objectives for the medium term.

The statement did not indicate the size of the budget after the reduction.

He said that the company has taken other steps to rationalize the operational budget for the fiscal year 2020/2021 by reducing it by nearly 18 percent, which contributes to ensuring stability for the state's public finances.

In June, the Kuwaiti Cabinet instructed the Ministry of Finance to coordinate with various government agencies to reduce their budgets for the fiscal year 2020/2021 with a minimum of 20 percent in light of the financial pressure that suffers From the country, due to falling oil prices and the Corona virus pandemic.

(Fun Knowledge of Knowledge)