Fire Erupts at Kuwait Oil Refinery

Kuwait's National Petroleum Company logo
Kuwait's National Petroleum Company logo
TT

Fire Erupts at Kuwait Oil Refinery

Kuwait's National Petroleum Company logo
Kuwait's National Petroleum Company logo

A fire erupted on Monday at a major oil refinery in Kuwait, the state-owned oil company said, reporting that some workers suffered from smoke inhalation and other light injuries.

The blaze at the key Mina al-Ahmadi oil refinery did not affect the electrical supply or oil exports, according to Kuwait's National Petroleum Company.

"The refinery operations and export operations were not affected and there has been no impact to local marketing operations and supplies to the electricity and water ministry," KNPC said on its Twitter account.

Several oil contractors were receiving treatment for their burns at a nearby hospital, the company said.

Some workers had been treated on site while others had been taken to hospital and were in stable condition, it added.

Firefighters were working to extinguish the blaze in the refinery's treatment unit, which removes sulfur from the oil products.



Saudi Arabia Allows Foreigners to Invest in Firms with Property in Makkah, Madinah

The CMA said that under Monday's move foreign investment would be limited to shares, convertible debt instruments, or both. SPA
The CMA said that under Monday's move foreign investment would be limited to shares, convertible debt instruments, or both. SPA
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Saudi Arabia Allows Foreigners to Invest in Firms with Property in Makkah, Madinah

The CMA said that under Monday's move foreign investment would be limited to shares, convertible debt instruments, or both. SPA
The CMA said that under Monday's move foreign investment would be limited to shares, convertible debt instruments, or both. SPA

Saudi Arabia's market regulator said on Monday it would allow foreign investment in listed companies that own real estate within Islam's two holiest sites of Makkah and Madinah.

Saudi Arabia's market watchdog, the Capital Market Authority (CMA), said in a statement the move aimed to attract foreign capital and provide liquidity for present and future projects in the two cities.

The CMA said that under Monday's move foreign investment would be limited to shares, convertible debt instruments, or both, and would exclude "strategic foreign investors.”

It added that people without Saudi nationality would not be allowed to own more than 49% of shares of the firms involved.

In 2021, it allowed non-Saudis to subscribe to real estate funds investing within the boundaries of Makkah and Madinah.