By Mahdi Al-Nimir (with photos)
ROME, Aug 5 (KUNA) -- Kuwaiti Minister of Oil Sheikh Ahmad Al-Abudllah Al-Sabah affirmed Wednesday that it was important to develop the oil industry in Kuwait to provide more job opportunities for Kuwaiti youth.
He told KUNA on the sideline of his visit to Kuwait Petroleum Italia S.p.A. here that the company has developed rapidly since its establishment in 1984.
He revealed that the financial rate of Kuwaiti investments in the last five years was around 18 percent, which is a good percentage on a global scale for any long-term investments.
Sheikh Ahmad called for sustaining the level of investments for the current moment especially with the fact that S.p.A took over 11 percent of the fuel market which made it the third major company in the region.
The achievements of Kuwaiti investments in Italy were not only of financial value, these investments also were of human value due to the employment of many Kuwaiti talents in the companies in Europe.
More Kuwaiti youths would be injected into whole process of developing the oil industry, said the official, stressing that Kuwaitis had the potential to further push the industry while employed in Europe.
He said that the Kuwaiti government would also focus on the environmental aspects of the industry and would make sure that any future project would be attended to ecological needs before making any profit.
The Kuwaiti government would soon showcase the upcoming oil oriented projects in the upcoming few years and would discuss these projects with the National Assembly, said Sheikh Ahmad.
All of the projects would witness the partnership of the Audit Bureau to ensure the transparency of all steps to develop the industry, stated Sheikh Ahmad who stressed that it was time to take the chance and promote Kuwaiti products to the world.
Regarding OPEC's reaction to the current status quo of the oil market, Sheikh Ahmad ruled out that the organization might decide on decreasing the production of oil in its meeting on September 9, affirming that OPEC might call for sustaining the current level of production.
The current price of oil was suitable for Kuwait, affirmed Sheikh Ahmad, adding that the price helped Kuwait to cover the expenses of the state. (end) mn.gta KUNA 051619 Aug 09NNNN