Clean fuel project enhances Kuwait’s oil refining capabilities: Rushood
KUWAIT: Acting Group
CEO at Kuwait Finance
House (KFH), Abdulwahab Essa AlRushood affirmed that
KFH celebration of
KNPC clean fuel project, participation in the company’s celebrations of the full operation of the project, illuminating the Headquarters facade in green color and posting it in the bank’s social media channels reflect KFH full support to projects and products mitigating carbon emissions and environmental pollutions through cleaner oil products which are compatible with modern global criteria. This process is compatible with KFH strategy to preserve Kuwait’s environment and achieve low carbon economy.
Rushood said in a press release that KFH has participated in the finance of the clean fuel project which is considered as the largest trade finance deal amounting KD 1.2 billion. KFH led the Islamic tier amounting KD 490 million with a share amounting KD 275 million. Accordingly, KFH has affirmed its appreciation of the project which is considered as a quantum leap in the history of oil industry in Kuwait. The project enables the manufacturing of environment friendly petroleum products and adds new technology to Kuwait’s industry to increase its competitive and export qualities global wise and enhance its global position in oil refining industry which stands as the main source of income for the state. Also, the project helps in environment protection which has become one of the main targets of organizations and countries.
Rushood indicated that the clean fuel project develops Kuwait’s refineries and achieves the highest return investment. Refining projects contribute to the increase in transformational capabilities, efficient usage of energy, production of latest oil products according to global environmental requirements, industry nationalization, creation of national human resources which can work and achieve production according to new standards and provision of job opportunities for qualified Kuwaiti youth.
Rushood reiterated KFH’s deep commitment to enhance social, economic, and environmental sustainability. KFH adopts several related programs considering its field of business and social role. KFH aims to spread environmental awareness among its employees, customers, and the regions where it operates and ensures that the projects in which it participates financially are environment friendly projects. KFH has ensured that all its branches, locations and service centers are compliant with environment calibers. KFH owns KFH Auto showroom which is the largest and most modern auto showroom in the region. The showroom is environment friendly and complies with sustainability standards.
He said that KFH has recently released the sustainability report as part of the group’s integrated sustainability strategy. He emphasized that this practice is compatible with environment, social and corporate governance standards as well as the sustainability development goals in KFH activities and operations on both operational and business continuity levels. This practice would achieve an added value to stakeholders, customers, partners and interested persons.
Environment wise, KFH has launched the “KFH is Green” initiative which is considered as the umbrella for all environment related initiatives. Also, it has supported the launch of the first Carbon Offset platform in Kuwait to mitigate carbon emissions as part of the sustainability and the strategic partnership with the Sedra Initiative and the voluntary green dream team. The initial stage of the project comprises the plantation of 500 trees plus 3 years care.
KFH signed strategic partnerships with several parties e.g., Public Authority for Agricultural and Fishery Affairs to support its efforts in the plantation and greening campaign of Kuwait areas, landscaping of capital streets and areas and organized beach cleaning campaigns in cooperation with the Public Authority for Environment.
● KFH Participated in project’s financing
● KFH building lit in green to celebrate operation
● Firm, multi-shaped commitment to preserve environment