Oil Minister: Legal update marks progress
The Kuwaiti Minister of Oil, Tareq Al-Roomi, confirmed that the issuance of the amended Royal Decree-Law regarding the Petroleum Corporation represents a qualitative leap forward in developing the legislative framework of the institution. This comes after more than 46 years since the original law was issued. He added that the amendments enhance the corporation's ability to keep pace with global changes in the oil industry, achieve more efficient performance, and boost sustainable revenues, while maintaining the state's sovereign role and managing oil wealth transparently and flexibly. He also noted that the modifications include the addition of renewable energy activities and emphasize the corporation's independence in managing its operations, aiming to support its strategic plans until 2040.
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