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The company contributed to the success of the second Kuwait Oil and Gas Show...


 

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Under the umbrella of KPC and its subsidiaries, Kuwait Oil Tanker Company sponsored the second Kuwait Oil and Gas Show 2015 "organized by the Society of Petroleum Engineers for the second time under the slogan" the future of hydrocarbon resources, innovation, technology and investment chances ". The event was sponsored by His Highness Sheikh Jaber Al-Mubarak Al-Sabah, Chairman of the Board Minister, who attended the opening ceremony, and a number of ministers and senior state officials in Kuwait, a group of specialists and experts in the oil and gas sectors from around the world, the Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Abdullah Al-Badri, Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC) Abbas Al Naqi, and senior officials of KPC.

More than 30 countries were represented in the conference, in addition representatives of governments and various international organizations connected to oil industry, as well as academics and specialists. During the conference, 261 documents were presented that highlighted the achievements, issues and challenges faced by the oil and gas industry in Kuwait and the Middle East and multiple regions of the world. There were also about 27 sessions to discuss technical issues, and 5 about various issues regarding industry and labor, in addition to presenting 50 electronic advertisements.

During the opening ceremony, the Minister of Oil and Minister of State for National Assembly Affairs, Dr. Ali Al-Omair in his speech stressed that the deterioration of oil prices will not affect Kuwait while moving forward in developing strategically important oil projects, which include drilling for oil and gas, refining and distribution of crude oil, pointing out that these projects aim to enhance environmental performance and safety at the refineries, create new jobs and support economic growth in the country. He also added that the long-term expectations for the Organization of Petroleum Exporting Countries "OPEC" indicate that demand for energy will increase by 50% by 2040.

He explained that the fossil fuel remains the main source of energy security in the future and explained that most of the increase in demand will come from developing countries, while renewable energy sources are also recording noticeable progress against other types of energy.

He stressed that Kuwait Petroleum Corporation is keen to explore, develop and produce oil and gas, and to develop its employees and meet its obligations to its customers in the various markets. He also explained that several initiatives were launched aiming at supporting partnerships to support the Kuwaiti local economy and develop the role of the private sector to become an active partner in development.

He said that the partnership made between the oil companies, government agencies and companies of the local private sector through cooperation for the development of a mechanism that encourages and facilitates the transfer of knowledge and modern techniques, taking advantage of the relationships that the connect the company with international companies and service companies to develop the technical capacity of local private sectors.

On his part, Chief Executive Officer of Kuwait Petroleum Corporation, Mr. Nizar Al-Adsani confirmed in similar speech the determination of the company to harness all available resources in order for the year 2020 to be the year of completing oil development projects.

He said that Kuwait produces about 3 million barrels of crude oil per day currently, and by 2020 will be able to produce 4 million barrels per day by increasing the number of towers and drilling rigs from 95 at the moment, to 140 at the beginning of 2017, in order to drill 2000 wells by 2020.

He added that the company has important projects that will contribute to increase the production capacity of Kuwait, including the construction of four collection centers and two centers to promote the development of natural gas and heavy oil production and development of free natural gas production which is crucial to meet the country's energy requirements.

He pointed out that the fourth liquefaction gas unit is functional, and the fifth unit was awarded to be completed. He also explained that at the level of refining capacity and petrochemicals, building the new Al-Zour refinery will commence with the capacity of 615 thousand barrels per day, and that will supply power plants with fuel of low sulfur content.

He added that implementing environmental fuel project has commenced, which aims to secure clean Kuwaiti products in line with global demand patterns in the markets, maintain our markets and securing new markets by the end of 2018.

He said that the work is going to provide a detailed study of the economic feasibility of the project the third olefins and second aromatics, and achieve integration with Zour refinery in order to expand the petrochemical activity in Kuwait.

He explained that 32 billion dinars were allocated for the development of projects for the five-year plan, both inside and outside Kuwait, including 15 billion Kuwaiti dinars for the development strategic projects that were assigned, and that 4 billion dinars were spent in the fiscal year 2014/2015 and 2 billion so far in fiscal year 2015/2016.

He also confirmed that the company is continuing to implement projects that benefit the Kuwaiti oil industry, and contribute to the growth of the Kuwaiti economy on solid foundations, in addition to the company's efforts to strengthen the role of the private sector and diversify sources of income.

He said that the company coordinates with the concerned parties, in Kuwait and abroad, to ensure that renewable energy sources contribute by15% of the production of the total electricity demand, as were the instructions of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah.



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