Value of domestic component in oil activities hit KD 1.3 bln - KPC

KUWAIT, Feb 7 (KUNA) -- CEO of Kuwait Petroleum Corporation (KPC) Nizar Al-Adsani on Wednesday affirmed the KPC commitment to strengthening the national economy and encouraging the private sector to play a greater role in the oil industry.
The value of the domestic component in oil activities hit KD 1.3 billion in FY 2016-2017, he said at the opening session of the conference on Kuwait's strategy to become center of modernization of the oil industries.
Al-Adsani was speaking on behalf of Minister of Oil and Minister of Electricity and Water Bakheet Shibeeb Al-Rasheed at the conference themed "industrial opportunities offered by the oil projects." KPC focuses on maximizing benefit from the huge oil projects such as the eco-friendly fuel project, Al-Zour Refinery, he pointed out.
The corporation's strategy for growth aims also to optimize use of domestic products and services in projects of the oil sector and enhance the oil-based industries with a view to diversifying the sources of the national income, he went on.
Al-Adsani noted that the KPC has developed several initiatives to engage the private sector in the oil industry, citing as an example the participation of Boubyan and Al-Qurain petrochemical companies in a number of projects and casting of 80 filling stations for private bidders.
He added that the local banks pumped up to KD 1.2 billion into investments in the oil sector, including the eco-friendly fuel project, the building of oil tankers, the petrochemical complex and Al-Zour refinery.
On her part, KPC managing director for planning and financial affairs Wafaa Al-Zaabi said the corporation will be ratcheting up Kuwait's oil refining capacity to two million barrels per day until 2035.
KPC plans also to tap into promising overseas investment opportunities and open new markets for Kuwait's hydrocarbon products, she said in a similar speech to the conference.
She echoed Al-Adsani statement that KPC is engaging the private sector in petrochemical industries and the refining activities through at least 10 projects by 2025.
The corporation will increase the share of the private sector in the total capital spending to 30 percent which will be available to local investors and contractors, Al-Zaabi went on.
KPC strategy for 2040 is expected to cost a total of USD 500 billion, including 114 billion in the coming five years, she added. (end) asj.gb