conference overview

Press Statement by H.E. Dr. Mohammad Al-Busairi - Minister of Oil, Minister of State for National Assembly Affairs, and Chairman of KPC on the occasion of his kind sponsorship of the Gulf Petroleum Conference & Exhibition GPCE 2012

H.E. Dr. Mohammad Al-Busairi, Minister of Oil, State Minister for National Assembly Affairs and Chairman of Kuwait Petroleum Corporation (KPC), affirmed the important role that KPC plays in placing strategies and guidelines aimed at preserving Kuwait's natural oil and gas resources and utilizing them in the development of different sectors in Kuwait.

In a press statement on the occasion of KPC's sponsorship of the 'Gulf Petroleum Conference & Exhibition' GPCE 2012, organized by the Investors Media Group on January 30, Dr. Al-Busairi said that KPC places great importance on developing human resources and boosting their capabilities and skills, adding that Kuwaiti manpower is the pillar upon which the future is based and the basis of its cultural and scientific infrastructure.

The minister underscored the importance of this conference, which is being held under the slogan of 'Local Challenges, Regional Opportunities, Global Dimensions' and will see the participation of experts, lecturers and institutions based in Kuwait and abroad. He noted that the importance of the conference is in highlighting of the latest developments in the fields of the oil and gas and in the petrochemical industry, as well as benefitting from the expertise of the specialists who will be taking part in the conference and exchanging ideas with them.

He also said that the conference reflects the interest of the oil sector in the Development Plan that was recently approved by the Kuwaiti authorities, aimed at creating a qualitative leap in the country in terms of mega projects in different sectors, especially in the oil sector.

On the role of KPC in the oil industry, Al-Busairi said that it acts as the umbrella for all companies operating in the oil sector in Kuwait, spanning from oil exploration and excavation to drilling, transportation, storage, refining, export, marketing and the production of petrochemicals. KPC also coordinates with its subsidiaries in placing strategies for different operations and then follows up on these matters.

Regarding recent developments in the production of oil, Al-Busairi said that KPC is keen on developing the capabilities of the local production sector and supporting the contributions of the State of Kuwait to global market supplies.

KPC succeeded in raising oil production levels to around 3.050 million bpd thanks to the operation of the early production unit in Northern Kuwait, as well as the drilling of more wells in Kuwaiti oil fields, he said.

Moving on to new projects, Al-Busairi revealed that KPC approved the findings of a study for raising the production levels and volume of exports of low-sulfur oil gas from Kuwaiti refineries in order to keep up with KPC's strategy for the pre-operation phase of the new refinery project. KPC also completed the preliminary feasibility study for the Olefins III project and obtained final approval from the Chinese authorities for the construction of a new joint refinery there, he added.

The minister expressed the appreciation of the oil sector, represented by its management and employees, to H.H. the Amir, H.H. the Crown Prince, and H.H. the Prime Minister for their constant support for this vital sector and for the keenness shown by the leadership to provide all means for the oil industry in order to push forth the development of the country.

About the Investors Media Group

The Investors Media Group was established in 1999, and has created a place for itself in the Gulf region's financial circles. From the beginning, the Investors Group has been present at the side of the decision-makers of the financial sector, including banks, investment and real estate institutions, and businesspeople in the region. We also reach out to large corporations.

The Investors Group have great expertise in the production and the publication of high-quality media material with great precision and accuracy. It has also transferred its experience in handling media events into conference and activities, bringing innovation and excitement to make the greatest impact through these public and private events.

The Investors Group have organized many exhibitions and forums that saw regional and international participation. It also takes part and sponsors around 20 conferences every year.