KPC may allow private sector to run oil activities

Kuwait may turn to the provate sector to boost production. (GETTY IMAGES)

The Kuwait Petroleum Corporation (KPC) is seeking to involve private sector in the ownership and management of some oil activities in Kuwait, according to KPC managing director for planning sector and chairman of the Oil Development Company (ODB) Hashim Al-Refaai.

Addressing the 9th conference on the role of the private sector in development and infrastructure projects held in Kuwait, Al-Refaai said the program of involving the private sector in oil activities mainly aims to reactivate the sector's role in oil development, according to Kuwait news agency.

The program is also intended to expand the participation of the private sector and individuals in the ownership and development of oil industry, and to boost the KPC's efficiency and capability to work on a commercial basis, he said. The KPC's plan for 2013-2014 includes several aspects purposed to allow the private sector to join oil operations, to boost its contribution to oil industry and to create fresh investment openings, Al-Refaai added.

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The KPC's vision is meant to reach a pioneering world position in the oil and gas field by means of forming a safe and guaranteed source for hydrocarbons and running oil operations as per health, safety, security and environmental criteria, he noted.

It also wants to achieve a high level of performance and profitability, and to be an integrated oil company, Al-Refaai remarked.

The vision further aims to boost Kuwaiti oil and natural reserves and refining and petrochemical activities inside and outside Kuwait, he concluded.