Page 177 - CW E-Magazine (7-1-2025)

18th Annual GPCA Forum

developing Oman’s Liquefied Natural of methane-based operations, olefins, industry, including the creation of OQ
Gas (LNG) sector, including moder- polyolefins and aromatics. Group in 2019, a mammoth national
nising and constructing new facili- consolidation effort that involved the
ties to strengthen its position on the Dr. Al Rumhy was the driving force integration of nine Omani companies
global market. He also grew Oman’s behind the consolidation and integration into one big conglomerate with opera-
petrochemical industry in the areas of Oman’s downstream and upstream tions spanning the entire value chain.

GROWTH PLANS
Kuwait Petroleum Corporation plans $10-bn per

year energy investments; targets tripling petchem

production

Kuwait Petroleum Corporation
(KPC), the state-owned oil company
of Kuwait, has lined up massive invest-
ment plans, as it prepares to navigate
an evolving energy landscape.

In his keynote address, Mr. Shaikh
Nawaf S. Al-Sabah, Deputy Chairman &
CEO, KPC, outlined the continued
importance of hydrocarbons in meeting
global energy demands, the company’s
ambitious growth targets, and its focus
on petrochemicals as a driver of eco-
nomic diversification. Ms. Paula Naoufal of CNN Business Arabic in conversation with
Mr. Shaikh Nawaf S. Al-Sabah
“About a third of the world’s current response to the anticipated demand, Kuwait has the lowest produc-
energy demand is being met by crude KPC has prioritised investments in both tion costs globally of under $10 per
oil. As the global energy transition conti- upstream oil production and down- barrel, along with the lowest carbon
nues, hydrocarbons will retain a critical stream petrochemical development. intensity, he noted.
position in the energy mix,” he said.
“KPC remains committed to its tar- Petrochemicals: cornerstone of
By 2040, energy demand is expected get of achieving 3.2-million barrels per diversification strategy
to increase by 50%. Even as renewables day of production capacity by 2025 Mr. Al-Sabah said that while oil
and other energy sources will address and 4-million barrels per day by 2035. demand may face discussions of a
a significant portion of this demand, a Despite OPEC+ production curtail- potential peak, the demand for petro-
quarter of the increased energy needs ment, KPC’s spare capacity ensures chemicals shows no signs of decline.
in 2040 and beyond will still depend on readiness to meet global needs during Recognising this, KPC plans to triple
oil. Consequently, oil demand, which economic upswings or supply disrup- its production capacity by 2040.
currently stands at around 100-million tions,” he said.
barrels per day, is projected to remain KPC’s integrated approach en-
steady over the coming decades. To support this growth, KPC has sures that petrochemical operations
allocated around $9-10 billion invest- align closely with upstream activities,
Mr. Al-Sabah said KPC is adapt- ments over next few years. The focus is optimising feedstock utilisation and
ing to market fluctuations and looking on drilling, enhancing aging reservoirs, maximising efficiency. The company’s
to maintain production levels, which and employing advanced oil recovery Equate joint venture, a partner-
will require substantial investment. In techniques to optimise production. ship with Dow Chemical, exemplifies

Chemical Weekly January 7, 2025 177

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