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6-point plan to be enforced in oil sector

Latest News Kuwait City 03 Sep 23
6-point plan to be enforced in oil sector
Kuwait to give local contractors greater role in oil sector. 6-point plan to be enforced.
Fee
Event Location
Kuwait, Kuwait
Area
Kuwait City
Start Time
03 September 2023, 12:00 AM
End Time
30 September 2023, 12:00 AM
Website

OPEC member Kuwait has approved a 6-point “initiative” to expand the role of local contractors in the oil industry within a strategy to attract private capital and create jobs.

The state-owned Kuwait Petroleum Corporation (KPC) will soon begin enforcing the plan until 2030, the Arabic language daily Alanba said, quoting official sources.

“The new plan is designed to encourage the local private sector, attract capital, create more investment opportunities and expand its involvement in Kuwait’s energy sector, including oil industrial projects,” the report said.

The plan also aims to “maximize” private sector spending in the local oil sector by identifying services and industries needed for the oil sector thereby enhancing the private sector’s role in this field, the report added.

6-point plan oil sector