Page 11 - MEOG Week 48 2022

MEOG NEWS IN BRIEF MEOG

POLICY fuel will remain important for meeting the and its impact on the demand for oil and gas,
global energy needs, even in the future after ‘we see oil and gas will retain their significant
Kuwait eager to contribute the current transition. role in meeting the global demand for energy
until 2040’.
The petroleum products are an
to global energy security, indispensable component of the energy mix, played by its national oil companies such
He said that Kuwait, given the great role
he affirmed.
economic growth trying to strike a balance between the demand as the Kuwait Petroleum Corporation in
He stated that the Kuwaiti oil sector is
preserving energy supplies and achieving
The state-owned Kuwait Petroleum for maintaining security and energy supplies balance in the oil markets, aims to invest
Corporation (KPC) CEO Sheikh Nawaf Saud and responding to the challenges of climate more in onshore exploration and offshore
Nasser Al-Sabah affirmed on Friday KPC’s change through increasing production exploration to raise the proportion of
keenness to develop the Kuwaiti oil sector to capacity of crude oil to cover the increase in production from offshore drilling to about 25
effectively contribute to maintaining global Kuwait’s export quota according to OPEC+ percent of Kuwait’s total production by 2040.
energy security and achieving economic and agreement and in the same time working to Sheikh Nawaf Saud referred to the
industrial growth. reduce carbon dioxide emissions from crude Corporation’s interest in clean fuel products
‘The KPC, as a leading energy institution, oil and petroleum derivatives. as one of the most important initiatives of
is interested in retaining global energy He said that KPC attaches great its transformation and sustainability policy
security and supporting a national and global importance to preserving the share of Kuwaiti which aims to achieve carbon neutrality by
economic growth,’ Sheikh Nawaf Saud told crude oil and petroleum derivatives in the 2050 through reducing direct greenhouse
KUNA on the sidelines of his participation in global energy mix. gas emissions resulting from operations and
the Rome-hosted Mediterranean Dialogues He indicated that KPC’s invitation to indirect ones from energy generation sources.
(MED 2022). participate in the MED 2022 dialogues He explained that this is done through
He asserted that KPC is also keen on on energy security and the role of major investing in clean and renewable energy
meeting the needs of energy markets and its institutions in achieving this goal shows the sources such as green hydrogen and circular
customers around the world from crude oil important role played by the KPC and its carbon economy projects in order to
and petroleum derivatives. subsidiary the Kuwait Petroleum International achieve the optimal economic return for the
He highlighted the corporation’s which owns 2,800 gas stations in Italy and institution and serve its operations.
investment plans to increase production about 5,000 gas stations across Europe. Sheikh Nawaf Saud spoke about the KPC
capacity and introduce new products through Sheikh Nawaf Saud explained that this role in supplying several Italian cities with
its three refineries: Al-Zour refinery, Mina Al- presence and huge investments demonstrate low-sulfur diesel via a network of Q8 fuel
Abdulla and Mina Al-Ahmadi. Kuwait’s role in cooperating with friendly stations.
He pointed to the ambitious clean fuel European countries through supplying them The corporation is proud that its subsidiary
project that was launched in March 2020 with oil products needed for the development (the Kuwait Petroleum International) in Italy
and is scheduled to be completed in the first of their economies and in return finding safe succeeded in reducing emissions category 1
quarter of 2023 to produce environmentally outlets for Kuwaiti petroleum products in and 2 category 58 percent over previous years.
friendly petroleum derivatives, exporting Europe. He affirmed the corporation’s commitment
low-sulfur diesel to European markets and Earlier on the day, KPC chief partook in a to remain the reliable and stable supplier of
increasing production from this products to session entitled ‘Towards a Broader Approach crude oil and various petroleum products to
one million tons this year, with plans to be for Energy Security’ which was also attended its customers.
doubled next year. by Bahraini and Algerian oil and energy MED - Mediterranean Dialogues -- is
These projects are meant to help keep ministers and the CEO of the Italian group the annual high-level initiative promoted by
petroleum products within the components Eni. the Italian Ministry of Foreign Affairs and
of the energy mix amid the ongoing global In his speech at the session, Sheikh Nawaf International Cooperation and ISPI (Italian
transformation, he clarified. Saud pointed out that despite the global Institute for International Political Studies)
He reiterated that Kuwait believes fossil approach towards achieving carbon neutrality in Rome with the aim to rethink traditional

Week 48 30•November•2022 www. NEWSBASE .com P11