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Kuwait’s KUFPEC Signs Petroleum Concession Agreement in Pakistan

KUFPEC signs an exploration license and petroleum concession agreement in Pakistan. (KUNA)
KUFPEC signs an exploration license and petroleum concession agreement in Pakistan. (KUNA)
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Kuwait’s KUFPEC Signs Petroleum Concession Agreement in Pakistan

KUFPEC signs an exploration license and petroleum concession agreement in Pakistan. (KUNA)
KUFPEC signs an exploration license and petroleum concession agreement in Pakistan. (KUNA)

Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced Wednesday that its subsidiary, Kirthar Pakistan, has signed an exploration license and petroleum concession agreement in Makhad sector (3371-19) in Pakistan, covering an area of 1,560 square kilometers.

Speaking to the Kuwait news agency (KUNA), KUFPEC CEO Sheikh Nawaf Saud Al-Nasser Al-Sabah said the concession is located in Mianwali District northwest of Punjab province of Pakistan, and Khyber Pakhtunkhwa Province.

He hailed strong relations between KUFPEC and Pakistan, which were crystallized by its successful investments of over USD one billion since 1987.

Established in April 1981 by its parent company Kuwait Petroleum Corporation (KPC), KUFPEC is an
international upstream company, engaged in exploration, development and production of crude oil and
natural gas outside Kuwait.

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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.