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, a Kuwaiti newspaper reported on Wednesday.
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.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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