KPC spent KD 4.7 billion on local products, services

The actual expenses of Kuwait Petroleum Corporation (KPC) and its subsidiaries on local products and services during the last five fiscal years (2011/2012 to 2015/2016) reached around KD 4.7 billion, Minister of Oil, Electricity, and Water Essam Al-Marzouq said yesterday.

Marzouq made his remarks during the opening session of the Oil Sector Conference on local content, adding that local expenditure in the sector during the past financial year has seen a steady growth exceeded 40 percent from the previous year and it is expected to continue rising during the current and the next financial years which will exceed KD 1.2 billion, he added.

In his speech, Marzouq explained that Kuwait’s development plan to reform the economic track adopted a plan to strengthen the concept of partnership between the private and public sectors by working to create real opportunities for partnership between the two sectors.

KPC is keen to support the development plan through a strategy based on the development of a comprehensive program of local content to enhance the role of the Kuwaiti oil sector in the development of the local economy and promote private sector participation in the petroleum activities.

Meanwhile, KPC Chief Executive Officer Nizar Al-Adsani said KPC local banks helped finance around KD 2.1 billion of the environmental fuel project. The institution is in the process of working on private sector involvement in the petrochemical complex to be fully implemented with the Al-Zour refinery, with a maximum of 30 percent.