Deputy Prime Minister, Minister of Oil, Minister of State for Economic Affairs and Investment, and Chairman of the Board of Directors of Kuwait Petroleum Corporation Dr. Saad Al-Barrak stressed on Monday on the importance of developing the oil industry, despite the existential challenges posed by climate change.
Speaking at the Strategic Directions 2040, and Energy Transition 2050 Conference titled (Sustainable Energy for a Promising Future) Al-Barrak said that Kuwait faces challenges diversifying its sources of income and ensuring the sustainability of the national economy through the growth and development of the oil industry. “Our sector is the backbone of the national economy since the discovery and production of oil shipment was exported in 1946, the oil sector has contributed to the building of the modern state” he added.
The minister stressed that Kuwait Petroleum Corporation remains committed to investing in the Kuwaiti oil sector to support its growth and ensure Kuwait’s continued global role towards its customers around the world.
“Our world is witnessing a significant shift to the use of renewable and clean energy sources. This shift requires a long-term strategic vision, as we recognize the importance of oil as a strategic fuel source, but also work actively towards the energy transition and investments in our national workforce and new technologies.” he added.
The minister noted that “in line with the government’s work program for 2023-2027 and the National Development Plan of Kuwait, today we launch the strategic directions of the Kuwait Petroleum Corporation 2040 and we also unveil the roadmap to achieve net zero by 2050.” The conference will highlight the most important projects that aim to increase the production capacity of crude oil, increase the production of natural gas, and enhance refining capabilities. The minister stressed that the conference will also focus on the integrated infrastructure development of the Al-Durra field, which is a crucial economic pillar in the seventeenth Government Work Program.
Source: KUNA