Strategic Directions of KPC & Subsidiaries:
Corporate Directions:
- Implement and maintain world-class standards of operational excellence, to achieve a sustainable leadership position in the Oil & Gas industry
- Continuously optimize the portfolio to capitalize on opportunities and rationalize non-core and unprofitable assets.
- Meet the State of Kuwait's current and future energy demand by providing an economically and environmentally friendly mix of fuels as well as strategic backup.
- Utilize alternative, renewable and other energy sources when it adds value to KPC businesses.
- Develop a digital strategy and implement a digital transformation framework to achieve operational excellence.
Domestic Upstream:
- Achieve sustainable crude oil production capacity in the State of Kuwait (including Divided Zone) up to 4.0 MMBPD in 2035 and maintain it up to 2040.
- Achieve sustainable Non-Associated Gas production in the State of Kuwait (including Divided Zone) up to 2.0 BSCFD by 2040.
International Upstream:
- Improve and optimize current portfolio to ensure operational excellence and maximize financial returns to KPC.
- Pursue selective attractive acquisitions opportunities partnering with major oil companies, that strategically complement current portfolio and increase overall portfolio returns to KPC.
- Support capability development of Domestic Upstream through training/secondment into International Upstream JVs Operating Companies.
Domestic Downstream:
- Achieve up to 1.6 MMBPD domestic refining capacity by 2025 with maximum conversion capabilities while ensuring maximum offtake of domestic heavy oil and meeting local energy demand.
- Maximize integration of refining and petrochemical operations domestically.
- Explore partnership in domestic refining to enhance operational excellence, efficiency and reliability.
- Participate with private sector in meeting domestic fuel retail demand while fostering competition and enhancing private sector participation.
International Downstream:
- Pursue, through partnerships/alliances with international partners, economically viable investment opportunities taking into consideration capacity of disposal of 425 MBPD of Kuwaiti crudes in high-growth promising markets by 2025, and additional volume up to 300 MBPD (when materialized)
- Sustain and optimize current European retail portfolio and expand in high-growth promising markets.
Petrochemicals:
- Expand base petrochemical inside and outside the State of Kuwait to achieve leading position globally, through achieving 14.5 Mtpa by 2040.
- Expand into downstream derivatives linked to base petrochemicals production, inside and outside the State of Kuwait, through achieving 1.2 Mtpa by 2040, while achieving 15% of total equity capacity additions domestically by 2040.
International Marketing:
- Maximize the value of Kuwaiti hydrocarbons through disposal in secure long-term and diverse outlets.
- Develop asset-backed trading business to maximize Kuwaiti hydrocarbons value, while actively managing market/price risks.
Shipping:
- Ensure meeting long term strategic cover and KPC marketing requirements of crude oil, refined products and LPG carriers in-line with KPC's production plans, and via the most economical means.
Human Resources:
- Become a partner to KPC's Subsidiaries businesses by providing tailored HR services focused on strategic needs and people development.
Health, Safety, Security, and Environment:
- Achieve world class HSSE performance by applying the most stringent HSSE standards and regulations wherever KPC operates
- Fulfil KPC's share of Kuwait's Greenhouse Gas Management commitments
Research & Technology:
- Build and maintain R&T skills, capabilities and infrastructure aligned with business needs through a physical R&T center and collaborations with strategic partners.
Finance:
- Become a partner to KPC & its Subsidiaries by adopting leading financial practices and standards to deliver high quality and efficient services to stakeholders.
- Develop corporate finance capabilities and tools to best manage financing requirements and capital allocations.
Enterprise Risk Management:
- Promote a risk aware culture, and fully embed and enforce risk based processes and procedures.
Information Technology:
- Adopt common best practice cyber security standards and procedures across KPC and protect the sector from cyber attack
- Efficiently support Operational Technologies via common infrastructure and standardized policies and procedures
Communications:
- Proactively promote KPC's brand and image, and establish and deliver a group-wide, Kuwait Corporate Social Responsibility program.
Private Sector Participation Development:
- Leverage refining and petrochemical businesses to deliver Downstream manufacturing opportunities to the private sector inside the State of Kuwait.
- Enhance private sector participation in KPC existing and future activities/investments.