Kuwait University signed a cooperation agreement with Kuwait Petroleum Corporation in the field of comprehensive risk management
Within the framework of supporting the future vision of the State of Kuwait in enhancing the quality and sustainability of the oil and gas sector, Kuwait University, represented by the Acting Director of Kuwait University, Prof. Dr. Fayez Munshar Al-Dhafiri, signed a joint cooperation agreement with the Kuwait Petroleum Corporation and its subsidiaries, represented by the CEO Sheikh Nawaf Saud Al-Sabah, in the fields of comprehensive scientific, academic, advisory and training risk management, in the presence of representatives of the oil sector and leaders of Kuwait University, on Thursday, 26-10-2023 at Kuwait Oil Company – Ahmed Al-Jaber Oil and Gas Exhibition.
In a speech on this occasion, the CEO of Kuwait Petroleum Corporation Sheikh Nawaf Saud Al-Sabah stated that KPC has succeeded in spreading the culture of risk awareness and including it as an essential element in the decision-making mechanism in all areas related to its business, and KPC was able to frame the concept of comprehensive risk management and develop an integrated methodology, which made it occupy a prominent position among international oil and gas companies in line with the vision and strategy of Kuwait Petroleum Corporation for the year 2040.
He stressed that Kuwait Petroleum Corporation seeks to intensify joint cooperation between state institutions, especially research and educational institutions, with the aim of exchanging experiences and best practices in the fields of comprehensive risk management, noting the academic experiences and long history in the research field of Kuwait University in linking university education with modern work requirements, looking forward to the success of this joint model between Kuwait University and Kuwait Petroleum Corporation in enhancing aspects of cooperation and development in the fields of risk management in terms of training, holding seminars and workshops, in addition to Providing advisory services and encouraging scientific research related to comprehensive risk management, pointing out that the joint model will provide a mechanism for exchanging visits and scientific discussion, which will contribute to the preparation of research carried out by the university to support risk management in the institution and to develop work and keep pace with the latest developments, as well as provide scientific and professional training opportunities for Kuwait University graduates.
For his part, the Acting Director of Kuwait University, Prof. Dr. Fayez Munshar Al-Dhafiri, expressed his happiness in this meeting dedicated to the signing ceremony of the joint cooperation agreement between Kuwait University and Kuwait Petroleum Corporation and its companies, pointing out that the partnership came to enhance the quality and sustainability of the oil and gas sector in the State of Kuwait, and it also reflects the strong ties and mutual trust between the academic and oil sectors, stressing that the signing of the agreement is only the culmination and strengthening of this path, which ensures more organization and sustainability to keep pace with the rapid development In all areas of comprehensive risk management with its various issues in order to spread scientific awareness in these modern systems in terms of academic, administrative, training, advisory as well as technical.
He stated that this agreement came for the purpose of cooperation, coordination and joint support to raise the professional skills of national cadres through specialized training courses provided by specialists and researchers at Kuwait University, which will contribute to creating field training opportunities for students and job opportunities for Kuwait University graduates with relevant specializations.
In this regard, the Acting Dean of the College of Life Sciences, Dr. Nawaf Al-Hajri, gave a visual presentation of the most important terms of the agreement and aspects of cooperation between the academic sector and the oil and gas sector in the State of Kuwait in comprehensive risk management, which he defined as the process of identifying and evaluating the type of risk to find plans to deal with and manage them in order to reduce potential losses for companies, indicating that they include strategic risks, legal risks, operational risks, as well as financing risks and predicting future risks to reduce their expected losses.
Dr. Al-Hajri noted that one of the objectives of the agreement is to achieve a distinguished position for KPC and its companies to become a leader in the field of comprehensive risk management, as well as instilling the concept of comprehensive risk management in the core business of KPC and its subsidiaries to enhance the quality and sustainability of the oil and gas sector in the State of Kuwait, and the exchange of scientific, technical and training expertise between the academic sectors and the oil and gas sector.
He stressed that Kuwait University is a leading institution in the field of education and has many resources, expertise, infrastructure and advanced facilities such as research centers, laboratories and innovative curricula that keep pace with global changes in the field of comprehensive risk management, pointing out that Kuwait University, in cooperation with the Foundation’s team, has set strategic goals for this agreement, which are four main objectives that include promoting a culture of risk and awareness at the level of the oil sector to apply risk management effectively, and developing national cadres in the field of comprehensive risk management and its issues. Enhancing the global presence of Kuwait Petroleum Corporation as a pioneer in the field of comprehensive risk management, and joint cooperation to provide training programs for various other state institutions to cover Kuwait University the theoretical side and Kuwait Petroleum Corporation covers the practical side in risk management in various state institutions.
