Kuwaiti oil sector witnesses a leap in its projects
Kuwait, Economics, 9/20/2004

The oil sector in Kuwait has been witnessing an active movement to make a comprehensive development in its performance and a qualitative leap including its projects, companies and renovation of its transport fleets.

This sector, however, is embarking on drawing an integrated strategic plan for privatization projects that gives greater impetus to the private sector and furthermore concentrates on the role played by the national oil company.

The commissioned representative for the "Kuwaiti Oil" project, Ahmad al-Arbeid, announced in a press statement that the team which supervises the northern oil field will embark on the principle of full transparency with the Nation's Council regarding the project so as to serve Kuwait's full interest. This project, however, raised a heated debate among members of the parliament and oil leaderships.

Simultaneously, board chairman of the Kuwaiti oil tanks, Abdullah al-Roumi, said that the new strategy also plans to renovate the oil fleets which decreased from 38 to 35 tankers and to bring back oil tankers to play its due main role as a supporting element for world marketing to reach crude oil and its byproducts to consumers.

On the other hand, the government intends to establish a large project for the national oil company during which supply capacity of the company's refineries will be increased in parallel to the fourth refinery project due to be established at a cost of 3 billion Kuwaiti dinars ($ 10.17 billion).

Sources at the Kuwaiti ministry of oil said that the fourth refinery is expected to save 420,000 barrels of which 250,000 to meet the requirements of electricity generation stations in the country, while the remaining amount would be used to enhance exports needs.

In the context of the country's general strategy, the local "Arab company for energy and technology" is making negotiations to sign a contract with Kuwait's oil company that specializes in erecting oil pipelines, at a cost of $ 12 million.

The company which owns, according to experts in the field of oil, the most important local contractors in implementing expected oil contracts, plans a new factory in Abdullah port area including various equipment needed for oil projects.

Kuwait has achieved progress in the Arab states in oil revenues growth rate in 2003. Its oil revenues increased at 20%, which is equal between USD 15.5 billion to 20 USD billion.

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