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OAPEC, KNPC ink cooperation deal

Business Kuwait City 15 Mar 21
OAPEC, KNPC ink cooperation deal
The OAPEC and Kuwait National Petroleum Company signed a memorandum of understanding (MoU) this week for cooperation.
Event Location
Kuwait , Kuwait
Kuwait City
Start Time
15 March 2021, 12:00 AM
End Time
31 March 2021, 12:00 AM

The Organization of Arab Petroleum Exporting Countries (OAPEC) and Kuwait National Petroleum Company (KNPC) signed yesterday a memorandum of understanding (MoU) for cooperation in research and overhauling the oil sector and digital services.

The MoU also aims to boost mutual cooperation in research, upgrading, data and technology.

Walid Al-Badr, the KNPC Chief Executive Officer, who signed the memo along with OAPEC Secretary General Ali bin Sabt, emphasized in remarks on sidelines of the signing ceremony about the necessity of research and development in the petroleum industry.

Sadr said that this industry is heavily counting on modern technology to cut costs and produce clean and high-quality oil derivatives. Meanwhile, bin Sabt affirmed that the MoU was inked for exchanging expertise, amid rapid technological development in the energy sector at the Arab and international levels.

Kuwait business news 2021OAPEC KNPC cooperation deal