(MENAFN - Arab Times) The initiative project of "Kuwait as the world's oil capital for 2022" has been garnering much support from various corporate entities and individuals with many volunteering to help develop it, project leader Ahmad Al-Arbeed said here Sunday.
Al-Arbeed told KUNA that the project was being supported by around 150 companies and individuals, noting that many ex-ministers and business personnel were interested in the idea.
Al-Arbeed said that he met last week with Minister of Public Works and Minister of State for Development Affairs Dr Fadhel Al-Safar, briefing him on the goals of the project.
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.
The third phase, said Al-Arbeed, was achievement. This means, 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 for only 100, it is sold for 400 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.