KUWAIT, Nov 29 (KUNA) -- CEO of Kuwait Petroleum Corporation (KPC) Nizar Al-Adsani on Sunday stressed the need to address the issue of plummeting oil prices through promoting the use of clean and renewable energy sources.
In comments during the commencement of Kuwait Sustainable Energy Conference and Exhibition, organized by KPC from November 29th to December 2nd 2015, Al-Adsani expected a further decline in oil prices. He also underscored Kuwait's 2030 energy vision which looks to fully rely on clean and renewable energy sources.
Managing Director of Kuwait Oil Company (KOC) Hashim Hashim revealed the company's plans of producing three million barrels of crude oil per day in 2015 and 3.6 million barrels by the year 2020.
In a statement to journalists, Hashem announced that KPC had signed various contracts during the past two years aimed at maximizing oil production in the country with the goal of producing 3.6 million barrels per day.
Moreover, the Managing Director said that KPC aims to increase usage of clean and renewable energy sources by 8% in 2020 and 15% by 2030, respectively.
Kuwait's economy relies heavily on oil production but continued decline in the price of oil has fueled concern of stalled economic growth. (end) abd.nam