Economic diversification features prominently on the national agenda of most countries in the Middle East. With rapid population growth, resulting in increased energy demand and the continued global interdependence of the power industry on oil; increasing national oil outputs is integral to building resilient and sustainable economies.
Oil accounts for close to half of Kuwait’s GDP and constitutes 95% of national exports. Long serving as a backbone to Kuwait’s economy, growth in oil activities are integral to financing mega projects set forth by Kuwait’s Vision 2040 strategy. Kuwait is spending over $500bn over the course of the next few years as it aims to boost its crude oil production capacity.
Considerable emphasis is on Kuwait’s Downstream sector as it looks to expand its refining capacity both nationally and internationally. Kuwait plans to spend over $25bn on new downstream projects over the next 20 years.
The Kuwait Downstream Summit, considers the current energy landscape, bringing together regulatory authorities, senior stakeholders, policy makers, influencers and solution providers who are driving the energy eco-system in the region.