Overseas Delegation to Kuwait 2015
18 Jan 2015 - 20 Jan 2015
The EIC is managing an oil and gas trade delegation to Kuwait.
Delegates will have the opportunity to attend organised group meetings with key local players, as well as incorporating briefing meetings presented by qualified speakers with in-market experience and the opportunity to meet with local companies.
With over $96 billion worth of planned investment in oil and gas projects, supply chain opportunities are ripe within Kuwait. Kuwait holds the world's sixth largest oil reserves with 101 billion barrels of proven reserves and also holds 63 trillion cubic feet of proven gas reserves. The GDP of the Kuwait has been growing on an annual basis since 2011 by an average rate of 6.9% and is the 5th richest country in the world per capita. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020.
The Kuwait Petroleum Corporation (KPC) manages domestic and foreign oil investments. Kuwait Oil Company (KOC), the upstream subsidiary of KPC, manages all upstream development in the oil and gas sectors. The Kuwait National Petroleum Company (KNPC) controls the downstream sector, while the Petrochemical Industries Company (PIC) is in charge of the petrochemical sector. Export operations are overseen by both KNPC and the Kuwait Oil Tanker Company (KOTC).
Oil and gas has been the driving force for the Kuwaiti economy for decades and this trend is set to continue. Large investments are being centered on heavy oil fields such as the KOC operated $4.3 Lower Fars Heavy Oil Field Development. The downstream sector is dominated by the refining sector with major projects such as the Mina Abdulla and Mina al-Ahmadi Clean Fuels Projects as well as the new Al-Zour Refinery. These three projects alone account for $33billion worth of investment. Funding
UKTI are offering Market Access Programme grants of £650 towards the cost of the delegation for eligible companies. To qualify for this funding you must be an SME & depart for the delegation from the UK.