Global Arab Network | Kuwait: .71billion development projects in oil sector

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Kuwait: $86.71billion development projects in oil sector

Global Arab Network - - Rabih Serrai

Sunday, 14 March 2010 20:42

The Kuwaiti oil sector is full of promising development projects that need to be invested through a fresh jump-start, Kuwaiti economists believes.

Speaking in news remarks ahead of the 9th conference of the role of the private sector in B.O.T projects to be held by Kuwait Commercial Markets Complex Company on May 9-10, they opined that should oil projects be put in place, there would be a quantum leap in this vital sector and national economy at large.

Oil projects valued in the vicinity of KD 25 billion ($86.71billion ) are to be carried out in Kuwait soon, they said.

The conference will mainly revolve around oil projects and the role of the private sector in this respect, Kuwait Commercial Markets Complex Company Chairman Tawfeeq Al-Jarrah said.

The organizing committee is focusing on oil projects due to the paramount significance of the local oil sector and future of would-be-executed projects, he said.

The oil sector is being attached with much attention as oil projects worth billions of Kuwaiti dinars are expected to be implemented in the coming period, he added.

Kuwait National Petroleum Company (KNPC) Chairman Farouq Al-Zanki commended the discussion of development, mainly oil, projects during the conference as a major addition to the country's national economy.

The oil sector is expected to witness recovery soon as a result of major development projects to be carried out in the near future, chiefly a new refinery by the KNPC, he said.

It is a vital project that will contribute to the provision of necessary gas to power plants, he added.

For his part, Gulf Oil Company Chairman Bader Al-Khashti underlined the importance of new development projects in Kuwait.

The local private sector has a major role to play in the implementation of a large part of such projects, particularly in the domains of services and pre-enterprise works, he said.

He added that executive works for oil projects were going on as planned, mentioning in particular petrochemical projects.

IKARUS Petroleum Industries Company Chairman Suhail Buqrais said everyone is seeking to join the execution of fresh development and oil projects in Kuwait thanks to concomitant benefits to the national economy.

The private sector is yarning for such projects to be launching in the hope of playing a key role in implementation, hinging upon its stupendous financial potential and experience, he added. (KUNA)

Global Arab Network

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