Kuwait Petroleum Corporation (KPC) is the main contributor to the country's revenues, with a total of USD 84 billion in annual profits, Hashim Al-Rifaei, KPC's Managing Director for Planning said Tuesday.
"KPC assets are estimated at USD 71 billion. It is entirely state-owned and is responsible for all oil and gas-related activities, such as off-shore drilling, production, refining, marketing, retail, petrochemicals and marine transportation," Al-Rifaei told the opening session of the second day of the KPC-hosted Oil and Gas Conference, currently being held here.
Al-Rifaei, who is also Chairman and Managing Director of Oil Development Company, pointed out "KPC's long-term strategy calls for growth in all commercial activities. KPC's capital program not only matches its strategy, it is in harmony with all its requirements, as well as with the state's current and future vision for 2035." "Oil plays a pivotal role in the development plan, as KPC's strategy does not rely only on revenue flows, but on securing reserves and diversifying sources, in addition to honing in the corporation's potentials.
"With our capital program being our instrument in achieving desired strategy, we need to comprehend requirements of such strategy in all oil business-related sectors. An example for this is in the drilling domain, as we intend to reach an output of 3.5 million barrels a day of crude by 2015 and four million a day by 2020," Al-Rifaei explained.
As for local refining and retail operations, Al-Rifaei underlined that KPC is planning to expand its refining capacity to 900,000 barrels, to reach 4.1 million. On an international level, he said the Corporation is seeking to optimize its performance in Europe, as well as it is fetching for investment openings outside the continent; conditioned that such ventures be at least of "acceptable" profits, focusing on high-profitability markets, especially in Asia.
"KPC really enjoys a modern fleet for its marine transportation. KPC strategy is all about meeting current and future oil demands of the local market through providing the best economically and environmentally modified fuel.
"We cannot mention the state's development plan without referring to the role of oil and its contribution in local economy. KPC has set out an ambitious USD-90-billion program for its expansion strategy for the next five years," he concluded.
The two-day conference is held under patronage of Minister of Oil, Minister of Information Sheikh Ahmad Al-Abdullah Al-Sabah under the theme "Diversification, Development, and Growth".