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Oil Minister stresses need to speed up the development of the sector to keep pace with the market and create opportunities for Kuwaitis

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Oil Minister stresses need to speed up the development of the sector to keep pace with the market and create opportunities for Kuwaitis

(Voice of Iraq) - 05-08-2009

Kuwaitis Rome - and on government policy in the development of the oil industry and to draw Kuwait Oil Minister and Information Minister Sheikh Ahmad Al-Abdullah to the presence of environmental requirements and competitiveness are essential for good governance governing the oil sector and the threat of this vital sector of particular importance to the State of Kuwait.

He explained that the environmental requirements require the implementation of large projects require huge investments, as well in addition to the investments required to meet the operational requirements as well as the requirements for the creation of job opportunities for the youth of Kuwait.

He said in this regard that the oil sector "for being more productive sectors in Kuwait and the sole supplier of state must accommodate the largest number of jobs which the government seeks to provide that attention to it" comes from the reality of productive projects and it is not no thing. "

He said the government through the Ministry of Oil or Petroleum Corporation during the summer would make the current list of major projects which will be held in Kuwait in the coming years will be presented to the Committee on Council budgets in the nation to inform them of the priorities for them.

He expressed confidence that the discussions will certainly bring about agreement on the priorities of these projects and the importance of both environmental and development, including paving of the start of implementation.

He announced that the government will work from the early stages of planning the proposed projects to involve the Court of Accounts of all the action steps to achieve full transparency in order to avoid the emergence of any future obstacles and to avoid any delay in implementation.

He stressed the need not to waste time, which he said was "running out, and take the opportunities we have lost many, but we do not want to close the markets for our products in their current" in the light of the change in standards to the requirements of environmental safety and "not in the interest of Kuwait's oil," a high content of sulfur .

He explained that this needs to reduce sulfur levels to be able to continue to export oil of Kuwait.

And on the position of (OPEC) of the current situation in world oil markets, the minister ruled out moving the organization in its next meeting on the ninth of September to reduce production levels to the current price of oil, adding that on the contrary, the intention is to call for greater commitment to production at rates established by the organization formerly .

He believed that the current price "is good for Kuwait, where the state covers the financial requirements to achieve a surplus in the future."

With a comprehensive look at the draw that Iraq is an increase of production while others invite foreign companies to explore and to have the share of (OPEC) sets the capacity of each of its production, said that Kuwait's share in the market if production remained at its current level will drop in a time of increasing in which the requirements of the state budget.

He concluded his statement at the conclusion of the need to think about the future is now in order to maintain the share of Kuwait and the development in parallel with the growth in production levels in the rest of the organization. (النهاية) م ن / ر ج كونا051539 جمت اغو 09 (End) m n / t c KUNA 051539 GMT Lago 09

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