KUWAIT, Oct 11 (KUNA) -- Minister of Oil Dr. Ali Al-Omair said Sunday Kuwait Petroleum Corporation (KPC) sought to implement long-term strategy aimed at investing in heavy oil gathering and developing centers as well as giant development ventures, despite low oil prices.
Al-Omair, also Minister of State for National Assembly Affairs and Board Chairman of KPC, was addressing a three-day oil and gas Conference and Exhbition, held under patronage and attendance of His Highness the Prime Minister Sheikh Jaber Mubarak Al-Hamad Al-Sabah.
He said said oil and gas industry around the globe was keen on absorbing impact of declining oil prices specially with emergence of other lucrative energy resources.
KPC, said Al-Omair, launched initiatives aimed at supporting partnerships to back national economy coupled with boosting private sector's role in development.
These initiatives, he added, encourage transfer of knowledge, modern technology and services in addition to offering training for national manpower towards the establishment of manufacturing industries in Kuwait.
Al-Omair said low oil prices would not undermine Kuwait's plans to develop strategically-important oil projects, which included oil and gas exploration, refining and distribution of crude oil.
"These projects will improve the environment and safety performance in our refineries, as well as providing new jobs and suppot the economic growth in the country," he said.
Al-Omair said the clear fuel project aimed at developing and expanding the refineries in Mina Abdullah and Mina Al-Ahmadi with the objective of transform them into a refining complex, designed to honor oil market needs and boost competitive nature of the Kuwaiti products.
Al-Omair said Al-Zour refinery project, which would produce 615,000 bpd, was on schedule and would ultimately provide low-sulphur fuel to power stations.
He called for doubling efforts to provide sustainable energy for the future generations.
KPC CEO Nizar Al-Adsani said the state-owned firm was determined to achieve its 2020 strategy by producing four million barrels of crude oil per day.
He said KPC would build four gathering centers, and centers to boost natural gas and heavy oil production.
Al-Adsani said KPC allocated KD 32 billion for the development projects in the five-year plan.
KPC, he said, was contributing to the development of private sector's role in development as well as diversifying income.
The opening ceremony was attended by First Deputy Prime Minister and Foreign Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah, Deputy Premier and Interior Minister Sheikh Mohammad Al-Khaled Al-Hamad Al-Sabah, Deputy Premier and Defense Minister Sheikh Khaled Jarrah Al-Sabah, OPEC Secretary General Abdullah Al-Badri and OAPEC Secretary General Abbas Al-Naqi. (end) osj.bs