The consensus amongst oil experts on Tuesday was that Kuwait's oil sector possesses broad knowledge and an unlimited potential to impart that knowledge to government institutions, for the betterment of the country's economy.
The Kuwait Petroleum Corporation (KPC) has acquired vast experience, especially in the realm of human resources, KPC Chief Executive Officer (CEO) Nizar Al-Adsani said during the fifth session of a national conference on modern state jobs, from an economic perspective. Sharing of knowledge between international oil companies and local ones is taking place, Al-Adsani added.
Kuwait was amongst the first countries to implement projects of renewable energy, particularly solar, but the environment and cost of these projects dictate their success or lack thereof, Al-Adsani noted.
Kuwait oil companies are conducting numerous studies aimed at reducing the cost of renewable energy projects, through employing the latest means of technology in that field, the KPC CEO said.
Moreover, Secretary General of the Supreme Council for Planning and Development (SCPD) Dr. Khaled Al-Mahdi said that a robust economy is crucial to diversifying revenue sources, stressing the need to rely on experience and knowledge amongst government sectors.
EQUATE President and CEO Mohammad Hussein said that Kuwait should seize the opportunity to diversify its economy, suggesting that the country should focus on the petrochemical field given the "competiveness of this sector." New inventions in the petrochemical sector could prove beneficial, Hussein noted, saying that EQUATE boasts a team of specialists that stands ready to examine any ideas related to projects in this field.
The conference, patronized by His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, began on Monday and is to conclude Tuesday.
The conference tackles government efforts of developing jobs through applied knowledge in a way that would boost productivity and increase investment.