Kuwait Oil Company Inks Landmark Renewable Energy Pact with Ministry

Kuwait Oil Company Inks Landmark Renewable Energy Pact with Ministry

By Staff Writer, 13 May 2024

Kuwait Oil Company (KOC) has finalized an agreement with the Ministry of Electricity, Water, and Renewable Energy (MEWRE) aimed at integrating 1GW of renewable energy facilities into the country's electricity grid.

This partnership comes as part of KOC's initiative to enhance its energy infrastructure by incorporating a blend of solar and wind power plants to cater to its operational needs.

The agreement, endorsed by Ahmed Jaber Al Eidan, CEO of Kuwait Oil Company, and Maha Al Asousi, acting undersecretary of MEWRE, amidst the presence of senior officials, is poised to foster collaboration between the involved parties.

Its primary objective is to surmount the hurdles encountered by KOC and MEWRE in executing renewable energy ventures efficiently.

During the signing ceremony, Al Eidan commended the government's backing for the project, emphasizing its alignment with KOC's commitment to modernizing its operations in accordance with the objectives outlined in New Kuwait 2035 vision.

Al Asousi echoed these sentiments, highlighting the environmental benefits of the new energy plants, which are anticipated to curtail carbon emissions and alleviate strain on the national power grid.

As part of the memorandum of understanding (MoU), both entities will establish a joint task force entrusted with formulating strategies and blueprints to facilitate the implementation of the energy transition roadmap.

This collaborative effort seeks to realize the ambitious goal of achieving carbon neutrality by 2050, underscoring Kuwait's proactive stance towards sustainable development.

Source: Trade Arabia

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