KUWAIT CITY:A Kuwaiti parliamentary committee HAS approved a huge oilfield development project which has been held up for years because of the need for massive foreign investment."The committee unanimously approved the government draft law to seek the help of foreign companies to develop four oilfields" near the border with Iraq at an estimated cost of US8.5 billion,MP Abdul Wahab Al Harun said.Project Kuwait has been stalled for more than a decade by resistance from MPs who fear that the Gulf state's oil resources could be surrendered to international oil companies.lt will be the first major foreign investment in Kuwait's oil resources since the state nationalised its oil wealth in the early 1970s.Oil income contributes more than 90 percent of total revenues.
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