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Drop in oil prices poses risk to primary industries: KPC CEO

KUWAIT: CEO of Kuwait Petroleum Corporation (KPC) Nezar Al-Adsani speaks during the conference. — KUNA

KUWAIT: The drop in oil prices is posing risks on investment, mainly in primary industry which could create unstable conditions in international markets, said CEO of Kuwait Petroleum Corporation (KPC).  Nezar Al-Adsani’s statement came during his speech at Kuwait’s fourth Enterprise Risk Management Conference yesterday.

The three-day conference aims to bring awareness towards risks inside KPC, while also focusing on the impact of disruptive innovations on investments in the future. These innovations affected the oil and gas sector leading to a drop in prices, said Adsani.

He noted the importance of studying the long-term impact of these risks on projects. Meanwhile, he said the energy sector will keep growing as the living standard keeps growing around the world. KPC’s investment in the risk management program in the past 10 years is showing positive results in project funding, portfolio management, human resources and technologies, he added. Adsani expected the program to improve decision making in the oil sector including production and providing needed products for consumers. – KUNA

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