Oil sector marks core pillar for national industry - Min.

KUWAIT, April 14 (KUNA) -- Minister of Oil Ali Al-Omair said here on Monday the oil sector in the country is the key pillar for national industry and the lifeline of the national economy.
Addressing the 3rd Kuwait Oil and Gas Summit and Exhibition held here, the minister said Kuwait is set to develop several vital projects targeting the revamp of oil industry in various realms and attaining the aspired pioneering in this field.
Such efforts are part of Kuwait's ambitious vision aiming to become a regional financial and commercial hub, said the minister, who also doubles as the Minister of State for National Assembly Affairs.
The Kuwait Petroleum Corporation (KPC), which is the state-owned entity responsible for Kuwait's hydrocarbon interests throughout the world, is going ahead with the oil development drive in order to boost Kuwait's international status given that it is a key player in the world oil market, he said.
Kuwait also boasts of consumers' confidence by means of providing adequate oil supplies to the global oil market amid geopolitical changes that are sweeping some production areas, he added.
The policy of the oil sector is centered on attaching attention to local economic development, creating jobs for young people, boosting production and paying heed to global economic prosperity, Al-Omair said.
The oil minister deemed this policy as the key to sustainable development which can ensure the energy needs of generations to come and create balance and integration between environment protection and development high-efficient energy use.
He lauded the convening of such specialized conferences in Kuwait as a good opportunity for a constellation of experts to come together to find practical solutions to develop an integrated strategic relationship and to encourage and spur oil investment.
On his part, Kuwait Petroleum Corporation (KPC) CEO Nizar Al-Adsani said his corporation plans to boost its output up to 3.5 million barrels per day by 2020 from just three million bpd at present.
To achieve this goal, the KPC ought to carry out several integrated projects including oil exploration at geologically complicated areas and oilfield development, he said.
The KPC signed on Sunday a USD-12-billion contract with a consortium led by British, US and Japanese companies to implement a clean fuel project, Al-Adsani pointed out.
The corporation is also expected to announce tenders in May for a new oil refinery costing USD 15 billion.
The 3rd Kuwait Oil & Gas Summit & Exhibition, officially hosted by the Kuwait Petroleum Corporation (KPC), is the strategic meeting place for the Kuwait oil and gas industry.
The Summit has a reputation for delivering quality and excellence, whilst playing a critical role in helping to set the agenda for sustainable growth. The program for 2014 will include forward-thinking debate on capacity building, efficiency and cooperation, with a focus on the policies, investment and skills needed to realize Kuwait's strategic oil and gas objectives. (end) asj.afh.mt