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KPC affirms consultant selection to review its oil strategy for 2040

Bid to make KPC, subsidiaries more flexible

KUWAIT CITY, Jan 23: In confirmation with what was published by the Al-Rai daily on Jan 20, 2018, the Kuwait Petroleum Corporation (KPC), the Corporation said it has begun the selection process of the consultant to review its oil strategy for 2040, explaining that “its figures are just estimates and can be increased and decreased,” reports Al-Rai daily.

At the opening of the 5th Kuwait Global Risk Management Conference, Wafaa Al Zaabi, Managing Director of Planning and Finance, said: “These trends are always reviewed to ascertain the fundamentals and assumptions on which they are based. She pointed out that when KPC has an institutional system that depends on reviewing the validity and suitability to the changes that occur in the oil industry internally and externally when it takes any actions for strategic directions, it.

Hashim Hashem, Chief Executive Officer of the KPC, said: “The Corporation is keen to keep abreast of the ongoing developments in the technologies and supporting tools used in the field of risk management,” and pointed to the company’s ability to lead the way in future. The CEO said KPC will continue to achieve its 2040 comprehensive risk management strategy based on the success of previous strategic trends in overall risk management.

The strategy includes a range of initiatives to build KPC’s capabilities in governance, operations, human resources and technology, he added. “We believe in partnering with our customers to ensure reliable access to affordable energy sources and build a brighter future for all,” he said. “In this highly competitive environment, we look to comprehensive risk management to support our efforts to create value for methodology and maximize the overall value chain,” he added. He pointed out that this year’s conference focuses on the opportunities and risks associated with rapid industrial development and the application of data analysis and artificial intelligence, as well as key preconditions such as frameworks, risk culture and insurance.

“Our world today is witnessing a lot of rapid changes and developments, leaving the impact on different aspects of the industry, so the only way to meet the challenges of the future and to provide opportunities is to share and collaborate, so we must work together to avoid risks and make the world stronger for current generations,” he said. He pointed to his keenness to make the KPC and its subsidiaries more flexible and ready to take their place among the leading companies in this field in future. He pointed out that the model of financial flow and risk management is that KPC has become an example in the oil and gas industry over the years. “We hope that this conference will continue to provide an environment for exchanging experiences and finding ways to develop practices in comprehensive risk management across the entire oil and gas industry.”

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