Kuwait National Petroleum Company (KNPC) has set aside $5.2 billion to carry out projects in the upcoming five years, KNPC CEO Mohammed Al-Mutairi said, according to The Arab Times.
This budget excludes the value of the company’s clean fuel project which will push the amount to hit around $25 billion by 2040.
Al-Mutairi marked the company’s planned Dibdibah solar power plant as one of the main projects, with 70% of the cost being covered by foreign funds and 30% coming from domestic sources. The two-year project will increase Kuwait’s renewable energy to 160,000 barrels per day.
“We were the first company in the Gulf region to publish a report over sustainability,” Al-Mutairi said.
Many companies began producing sustainability reports following in KNPC’s steps, Nasser Al-Shamma, KNPC’s Managing Director of Support Services, said.