Hani Abdulaziz Hussein, Chief Executive Officer, says Kuwait Petroleum Corporation will face great challenges down the way.

However, it also has greater growth opportunities. He affirmed that the oil industry is expected to keep booming at the same pace as seen today for the coming few years.
Performance in the refining, petrochemicals and transportation sectors will keep developing. Consequently, it is the best time to increase its profitability.
"Locally, KPC has set a strategic plan to carry out major projects across all oil sectors which include: enormous exploration and production projects within Kuwait, and projects with foreign companies' assistance to develop the Northern oilfields.
"We also intend to build a fourth refinery and upgrade the existing refineries.
"We are also launching the new Olefins and Aromatics Complex Project in the petrochemicals sector and purchase a number of oil and gas tankers in the transportation sector," he added.
Hussein said that the greatest challenge KPC is facing presently is to keep moving on the same track and to maintain its distinctive performance. Implementing the major projects will not be an easy task.
Hussein, however, added: "KPC is fully set to achieve all of its ambitions."
The CEO said KPC seeks more involvement from the private sector.
KPC has a history of successful joint ventures with the private sector such as the partial privatisation of fuel stations, the calciner coke project, salt and chloride plants and finally the petrochemicals projects.
"Under the decree of the Supreme Petroleum Council, KPC is working on getting the private sector involved in building the fourth refinery.
"This will give the private sector an opportunity to fulfil its role by taking part in the petroleum activities and contributing to the economic boom, through engineering, construction and contracting or offering the variety of services needed. This will help spur the pace of the national economy."
Hussein emphasised that HSE is an increasingly urgent and serious matter at the national, regional and international levels. For KPC, HSE is an important goal and KPC has duties to fulfil in this respect: improving the environmental conditions locally via the existing oil facilities across the production, refining and petrochemicals sectors.
KPC has also to enhance its performance within the environmental activities it handles locally, or what is called, safety performance.
As to KPC's orientation regarding its foreign investments, some of which, such as the fuel stations abroad, KPC seems to be cutting down on, Hussein said KPC did not intend to dispose of its foreign investments but rather that while it has several foreign activities ongoing at one time, its policy involves reorienting such investments once in a while. Reorientation takes place after sensing the type of the existing foreign investments and how strong and profitable they might be. As a result, some markets become the centre of KPC's attention and some others are left behind.
Hussein said KPC had increased foreign investments in the petrochemicals industry in Europe and North America, Canada in particular, by collaborating with Dow Corporation, and undertaking exploration and production activities through the Kuwait Foreign Petroleum Exploration Company (Kufpec).
He said KPC has its eyes on the Eastern markets. Some of the potential spots ready for investment are being tested. This is to guarantee the creation of new opportunities and venues for crude oil and ways to market Kuwaiti oil products.
As to his expectations and wishes, Hussein said: "I hope that KPC succeeds through establishing itself in the major markets, in a way to be, not only a provider of crude oil and oil products but a market operator as well.
"I hope it can build marketing facilities to keep the sale of local products and crude oil going", he said pointing out that the Far Eastern countries are the future giants of oil production expansion.
"I wish as well that the corporation continues to create job opportunities for the Kuwaiti youth and to develop and train its local staff, whether within its subsidiaries or across the other companies of the oil sector."
Hussein addressed a grateful and appreciative note to the founders of Kuwait's oil industry, and to all former ministers and leaders, who served the corporation and put the sector on a firm foundation in a very professional way across all oil domains, in addition to establishing KPC and assigning work in an organised way.
He also thanked the oil sector employees for their concerted efforts, pointing out that the corporation rendered a great output this year and that the financial outcome will be excellent by the end of this year throughout all the sectors.
Huge missions are waiting down the road as well as potential projects, which need cooperation and extra efforts and coordination among all sectors to achieve the desired objectives.