The oil production rate of Kuwait is currently around three million barrels per day, with the aim of reaching four million barrels per day by 2020, according to Kuwait Petroleum Corporation (KPC).

KPC is planning to expand its performance in the petrochemical field and develop Jurassic Gas to further contribute to Kuwait's economy, said KPC's CEO Nizar Al-Adsani in a speech at the Kuwait fourth oil and gas conference, held on Monday under the patronage of Deputy Prime Minister, Minister of Finance and Acting Minister of Oil Anas Al-Saleh.

Since June 2014, the drop in oil prices has been posing a challenge to oil industries, including an overflow of oil supply in international markets and the low outcome of production, said Al-Adsani as quoted by KUNA.

Meanwhile, he noted that KPC is exerting efforts to achieve sustainability through over 100 initiatives to develop the company and its subsidiaries.

The initiatives focus on reducing costs, boosting performance, investments in big projects and developing the petrochemical industries' sector, he added.

In the same context, Al-Adsani mentioned that Kuwait Petrochemical Industries Company has signed an agreement to acquire 25 percent in South Korea's SK Gas Company.

The agreement will boost the Kuwaiti oil sector and investments in East Asia, the CEO noted.(end) osj.ag