Energy
From The Report: Kuwait 2025
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The energy sector continues to dominate the Kuwaiti economy, with oil rents making up the vast majority of government revenue and GDP. Income from oil has declined since the peak directly after the conflict in Ukraine, though the unwinding of production cuts by the Organisation of the Petroleum Exporting Countries will bring some additional income. Growing domestic energy demand has caused a rise in liquefied natural gas imports, though the country’s refining sector is set for growth after the new Al Zour refinery became fully operational in 2024, localising more of the petrochemical value chain. KPC, the parent company of the country’s upstream, midstream and downstream energy organisations, has announced plans to consolidate its eight subsidiaries. The utilities sector has grown its production capacity, though heat waves continue to cause power cuts. The first utility-scale renewable energy project will be connected to the grid by the end of the decade.

This chapter contains interviews with Tareq Al Roumi, Minister of Oil; and Chairman, Board of Directors, Kuwait Petroleum Corporation (KPC); Ahmad Jaber Al Eidan, CEO, Kuwait Oil Company; and Sheikh Nawaf Saud Al Sabah, CEO, Kuwait Petroleum Corporation.

Articles from this Chapter

Overview

Developing growth: Kuwait has unveiled a long-term economic diversification plan that stands to make it a global centre for petrochemicals
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The energy sector continues to dominate the Kuwaiti economy, with oil rents making up the vast majority of government revenue and GDP. Income from oil has declined since the peak directly after the conflict in Ukraine, though the unwinding of production cuts by Organisation of the Petroleum Exporting Countries (OPEC) will bring some additional income to the government treasury. Growing domestic energy demand has caused a rise in liquefied natural gas (LNG) imports, primarily from Qatar, though the country’s refining sector is set for growth after the new Al Zour refinery became fully operational in 2024, localising more of the petrochemical…

Interview

Sustainability balance: Tareq Al Roumi, Minister of Oil; and Chairman, Board of Directors, Kuwait Petroleum Corporation (KPC), on contributing to environmental targets while meeting energy demand
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Interview: Tareq Al Roumi, Minister of Oil; and Chairman, Board of Directors, Kuwait Petroleum Corporation (KPC), on contributing to environmental targets while meeting energy demand How do you envision Kuwait balancing its commitment to traditional oil production with the growing global shift towards renewable energy sources? TAREQ AL ROUMI: Kuwait aims to maintain its position in oil production while adapting to a changing global energy landscape. As decarbonisation efforts expand, the focus…

Interview

Output edge: Ahmad Jaber Al Eidan, CEO, Kuwait Oil Company, on balancing growth and sustainability in oil production
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Interview: Ahmad Jaber Al Eidan, CEO, Kuwait Oil Company, on balancing growth and sustainability in oil production How is the balance between output optimisation and global commitments being navigated? AHMAD JABER AL EIDAN: Kuwait is committed to aligning with the framework set out by the Organisation of the Petroleum Exporting Countries (OPEC) and its allied oil-producing nations, collectively known as OPEC+, while advancing its long-term goal of reaching 4m barrels of oil per day by 2035. The…

Interview

Fuel for expansion: Sheikh Nawaf Saud Al Sabah, CEO, Kuwait Petroleum Corporation, on driving industrial expansion
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Interview: Sheikh Nawaf Saud Al Sabah, CEO, Kuwait Petroleum Corporation, on driving industrial expansion Where are the opportunities for enhancing performance at the Al Zour refinery? SHEIKH NAWAF SAUD AL SABAH: The Al Zour Refinery is an important asset for Kuwait’s energy sector. As one of the world’s largest and most advanced refining complexes, operating at 615,000 barrels per day, it gives us a unique platform to integrate refining and petrochemical operations at scale. This integration…