A+ A-

KPC eyes diminished sales of crude oil by 2040 - official

KPC's Managing Director for International Marketing Nabil Bouresly during the annual reception the corporation holds for its European clientele
KPC's Managing Director for International Marketing Nabil Bouresly during the annual reception the corporation holds for its European clientele
LONDON, Feb 21 (KUNA) -- Kuwait Petroleum Corporation (KPC) is looking to diversify investments in the oil sector and curb its reliance on the sale of crude oil by the year 2040, a KPC official said on Tuesday.
KPC's Managing Director for International Marketing Nabil Bouresly made the remarks in a statement to KUNA on the sidelines of an annual reception the corporation holds for its European clientele.
Moreover, he noted that the future of oil production lies in the emerging petrochemical industry, on which KPC's future strategy is based.
On the plan, the KPC official said it centers on methods to ramp up oil production to 4.75 million barrels per day and to produce local petrochemical products, which in turn, would lure foreign investment.
On a related note, Bouresly assured that Kuwait "is very committed to an OPEC decision to reduce oil production", noting that KPC expects an increase in profits despite the measure.
Speaking on the future of crude oil in the global market, he said there appears to be a "consensus over increasing demand for crude oil, which could last for another 30 years." He also touted KPC's efforts to recruit youth employees, noting that some 2,000 youths were hired by the corporation last year. (end) kd.nam