By Ussama Jalal KUWAIT, May 21 (KUNA) -- CEO of Kuwait Petroleum Corporation (KPC) Farouk Al-Zanki on Monday voiced concern about the recent decline in oil prices as a result of the economic turmoil in several parts of the world, saying both consumers and producers were unanimous that USD 100 is a fair price per barrel.

Speaking to KUNA on the sidelines of the annual forum of the oil sector leaders here, Al-Zanki called on the regional and international organizations to work with the major exporting countries in order to maintain the stability of the oil market and prevent sharp fluctuations in the prices.

"The Organization of the Petroleum Exporting Countries (OPEC) is unlikely to decide on a new output ceiling during its meeting in June. Yet, the global cartel may look on the market in a different way given the fact that the market is well-supplied," he revealed.

Dealing with the KPC performance, he said: "One of the most outstanding achievement made by the Corporation in 2011-12 was that it made record profits amounting to KD 2.2 billion after pushing up the daily output capacity to 3.2 million barrels." "As part of its efforts to protect environment, the KPC was able to bring down the ratio of associate gas burning to one percent," Al-Zanki noted.

"The corporation is also implementing a strategy for human development aiming to build the capacity of the workers not only in the oil sector but in all sectors of the economy as well. Nevertheless, it's a must to outsource foreign experts due to the complicated missions in such areas as the production of heavy oil.

"I'd like to affirm that the oil sector has a special position and plays a key role in serving the national interests," he went on.

Asked about the impact of the recent decline in the oil prices on KPC, he downplayed the impact, saying: "It's normal and in keeping with the factors governing the market. We aspire for close coordination among producers and consumers in order to maintain a stable fair price and serve the mutual interests." "The Corporation is working hard to ensure sufficient and affordable oil supplies and protect environment at the production sites through the fourth refinery and the eco-friendly fuel projects.

"It developed a strategy for introducing the world's latest technological achievements that could help produce eco-friendly high-quality fuels. It plans to promote the uses of renewable energies," Al-Zanki pointed out.

He disapproved the term of alternative energy, arguing that there is no alternative to oil and gas at least in the foreseeable future.

"The KPC strives to produce gas at commercial quantities through speeding up the explorations," Al-Zanki affirmed.

He noted that Kuwait's gas production capacity is expected to grow from 130 million cubic feet at present to 175 million soon, then to 460 million in 2014-15.

Among the problems facing KPC in the gas operations is the fact that the gas deposits in Kuwait are relatively deeper than in other parts of the world, he revealed.

Al-Zanki took pride in KPC rating fourth on the 2012 index of Kuwait Transparency Society for the best state departments in pursuing administrative and financial reforms, and combating corruption.