(MENAFN - Kuwait News Agency (KUNA)) Ahmad Al-Arbeed, who initiates Kuwait is world's oil capital project, said Monday Kuwaitis were keen on achieving development and noted that making "Kuwait as the world's oil capital" was not impossible.
Al-Arbeed, of Kuwait and a former oil executive, said ambitions were high to transform Kuwait into a capital of oil of the world by 2022.
"Dreams that come true are seen by many as impossible to achieve, and some think that visions are hard to grasp," he told reporters on sidelines of a conference about his project "Kuwait is world's oil capital," attended by former oil ministers, executives of oil sector.
He said attendees have boosted his expectations that his project would see light.
Attendance of over 80 public figures "is evidence that Kuwaitis are thirsty to contribute to the development of their country," he said.
Al-Arbeed said the team of the project has recently met with oil minister, CEO of Kuwait Petroleum Corporation (KPC) and board chairman of Kuwait Oil Company (KOC). "All of them showed complete readiness to offer full cooperation and support for the initaitive." He called for preparing a crystel-clear document over the project to be later referred to the decision-makers.
Al-Arbeed said the private sector succeeded when the oil sector was leading development.
"If this thing happens again then the private sector will make great success ... but it needs a way to be paved by the oil sector coupled with legislations that protect and help the local and foreign investors," he said.
About Kuwait as world's oil capital project, Al-Arbeed said Kuwait has many and diversified oil facilities. "Kuwait has all oil industry phases," he added.
Al-Arbeed said his project has four stages, the first was the formulation of the venture. This phase has been completed with formation of teams of volunteers.
The second phase, he added, was to inform the society about the project and today's conference contributed largely to that end.
The third phase, said Al-Arbeed, was achievement. This means, he explained, the start of implementation. The fourth stage, meanwhile, was investment during which the project would be appealing to investors.
There should be a maximum benefit from every oil barrel, he said. "Instead of selling the barrel with only 100 dollars, it is sold with 400 dollars with the inclusion of oil industry and the extraction of byproducts." Al-Arbeed wanted to make Kuwait as world's oil capital through a sustainable and creative development environment.
The project depends on Kuwaiti workforce, integration between public and private oil sectors, thus contributing to transforming Kuwait into a regional financial and commercial hub.