Kuwait Energy

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Kuwait accounts for approximately 6.1% of the world’s proven oil reserves, with hydrocarbons revenues comprising more than 65% of the country’s GDP and 95% of total exports in 2013. Cautious budgetary decisions have resulted in large surpluses, creating a solid base for public expenditure programmes such as the National Development Plan, which is set to diversify the economy and boost employment.

Kuwait is to broaden its energy production, launching the first step in an extensive renewable energy programme intended to ease reliance on hydrocarbons while at the same time building awareness of the commercial and investment opportunities offered by solar energy.
Kuwait is becoming increasingly concerned over the threat posed by cyber attacks against its strategic oil and gas industry, along with other sectors of the economy, with greater training of staff and improved technology seen as vital front-line defences to ensure cyber security.
Rising demand for electricity has prompted Kuwait to sign three multi-billion-dollar deals aimed at significantly boosting the country’s gas imports.
The recent approval of bids worth more than $12bn has paved the way for a major overhaul of two of Kuwait’s refineries, following costly shutdowns earlier this year.
Income from Kuwait’s hydrocarbons sector looks set to rise this year as the country ramps up oil production on the back of growing demand both locally and overseas, particularly from Asia.

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