Kuwait is looking at contingency plans in case the Strait of Hormuz was blocked, the head of the country's state oil company said Tuesday.
Kuwait
is
looking at contingency plans in case the
Strait of Hormuz
was
blocked, the head of the country's state oil company said Tuesday.
Speaking to reporters on the side of a Chatham House energy conference, Farouq
al-Zanki, chief executive of Kuwait Petroleum Corp., said: "We are looking
at short-term solutions in case" the closure happens.
"But we haven't yet decided," he said.
Iran
has
threatened in recent weeks to close the key oil route, through which transits
one-third of the world's seaborne exports.
Earlier, an official from an Organization of Petroleum Exporting Countries
member state said that if the Strait is closed "
Qatar
and
Kuwait
will
be worst affected because [they] have no other way.
"I don't think it will happen but we have to be ready for it," he
said.
The official also said
Kuwait
plans
to increase its production capacity to 4 million barrels a day in 2030, from
3.1 million barrels a day currently, thanks to the development of heavy oil
resources and the use of enhanced recovery techniques.
Asked separately about a joint-venture deal between
Kuwait
and
Total SA (TOT) in an oil refining and petrochemical project in
China
, the
KPC CEO said "we are in the process of signing but we haven't decided when
to sign."
Kuwait-based Al Anba daily reported last week that the Gulf nation has given
its initial approval for the entry of Total as partner in the joint venture.
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