8 - Kuwait Oil Company

International delegates participated in the forumwhere oil wealth could be used torealize objectives of sustainable developmentand growth, with an emphasison nurturing human resources. At thesame time, however, HH the Amir saidthat protecting the environment throughthe judicious use of oil in an environmentally-friendlymanner and workingtoward the production of alternativeenergy sources was also an importantpriority for Kuwait.HH the Amir concluded his speech tothe international and local dignitaries byasking the participants to seek workablesolutions that induce stability in worldoil markets. He also asked for furthercooperation to be displayed betweenenergy consuming and producing nationsand between oil companies andenergy research centers.Meanwhile, the newly-appointed Ministerof Oil and former Deputy Chairmanand Chief Executive Officer of KPC,Hani Hussein, spoke about a rangeof issues, including the importance ofconsolidating efforts of energy producingand consuming countries in orderto guarantee clean and secure energy topeople around the world."We are proud of the fact that Kuwaitis hosting this distinctive event whichculminates 20 years of dialogue, andis considered the first since signing theforum's charter. We are pleased by thisgreat participation of 600 people whorepresent 76 countries, 15 internationalorganizations, and 32 oil companies,"the minister said."The last 20 years have witnessedremarkable development in termsof dialogue between producers andconsumers, in which the InternationalEnergy Forum had a prominent rolein bringing points of view closer andcreating a climate of joint understandingbetween producers and consumerson various energy issues," the Ministerof Oil said, adding, “The importance ofthis forum is highlighted by its coincidingwith essential political and economicdevelopments that influenced thestability of energy markets, oil prices,and global economy recovery.”“Our interest in dialogue stems fromthe vital role of energy in all aspectsof our daily life, as well as it being themain engine of the global economy. Itis our responsibility to provide cleanand secure energy, which requiresconsolidating efforts of consuming andproducing countries to find appropriateeconomic resolutions in order toguarantee the well-being of humanswherever they are," he said.In an effort to demonstrate its supportfor energy and environmental issues,the minister told the audience thatHH the Amir recently announced thatKuwait would donate $150 million tosupport a program that will financescientific research related to energy, theenvironment, and climate change.In addition, the Minister of Oil also said,"Our vision is to use our oil wealth forsustainable development, with some ofthese main goals being the guarantee ofa promising future for our people to improvetheir professional and educationalcapabilities. At the same time, we willwork on protecting the environmentand reducing climate change."At the conclusion of his speech, the4 April-June 2012