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(KOC) and (MEW) sign a memorandum of understanding to produce 1 gigawatt of electricity from solar energy

01-05-2024

Today, Wednesday, Kuwait Oil Company signed a memorandum of understanding with the Ministry of Electricity, Water, and Renewable Energy aimed at coordinating efforts, continuing cooperation, and overcoming difficulties regarding the project to produce 1 gigawatt of electricity from solar energy. The company said in a statement to Kuwait News Agency (KUNA) that the memorandum comes within the framework of the initiatives and projects included in the Kuwaiti oil sector's strategy for energy transformation 2050, as it is mandated and committed to undertaking the implementation of the largest part of these projects due to its leadership in this field. She indicated that the memorandum contributes to enhancing understanding and joint work between the company and the ministry and developing the necessary perceptions to ensure the fulfillment of the state’s obligations expressed by His Highness the Amir Sheikh Meshaal Al-Ahmad Al-Jaber Al-Sabah, may God protect and preserve him, and announced at the Conference of the Parties (COP 27) held in the Egyptian city of Sharm El-Sheikh in the year 2022 and the Conference of the Parties (COP 28) held in the Emirate of Dubai in 2023, where Kuwait was among 124 participating countries and pledged the need to take the required measures to correct the course of climate change and limit temperatures from exceeding 1.5 degrees Celsius. She explained that the project to produce 1 gigawatt of electricity from solar energy is considered the beginning of the strategy prepared by the oil sector to reduce emissions and diversify its energy portfolio in order to achieve Kuwait’s lofty vision for 15 percent of the state’s electricity production to be from renewable energy sources. She stated that the volume of production from the project represents approximately 6 percent of the total current electricity production capacity in Kuwait, “which indicates its magnitude and importance to the country and enhances coverage of its energy needs.” She stressed that the project constitutes a major contribution from the oil sector, represented by the Kuwait Oil Company, in enhancing the ministry’s production capacity, which helps it meet the growing needs in the country, which are fueled by housing and commercial projects, and works to avoid any future deficit or shortfall in meeting those needs. She stated that the project ensures the continuous availability of energy in line with the company’s keenness to provide support for all economic and social sectors in the country and is consistent with the pioneering initiatives undertaken by the Kuwait Oil Company. She added that the signing of the memorandum also stems from the Kuwaiti oil sector’s commitment to contribute to the production of 17 gigawatts of renewable energy by 2050, which contributes to enhancing energy sources for the country’s domestic consumption and thus supporting the network of the Ministry of Electricity, Water and Renewable Energy in providing the country’s need of electrical energy.