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A bank source told CNBC Arabia that Kuwait has brought back to the table its ambitious plan for renewable energy projects, which were halted amid the effects of the epidemic on the Kuwaiti economy.
The Public-Private Partnership Planning Commission is receiving incentives to provide technical advice for the project, which is expected to be implemented on September 5th.
In July last year, the Kuwaiti cabinet announced the cancellation of a plan to generate electricity from solar power at the al-Tabdaba plant, which at the time told the council of the consequences of the epidemic.
The source added that the rise in oil prices may have given the government the opportunity to restart its package of projects in various sectors.
The State Oil Company’s project aims to install a solar power plant using 15% of the oil industry’s needs within the Shakaya Renewable Energy Complex, located west of Kuwait City.
The fall in oil prices has prompted many Gulf countries to halt capital spending, a sharp decline in oil revenues, which represent the bulk of revenues.
The source added that the expectation that the demand for electricity in the country will continue to increase may have accelerated the process of bringing the renewable energy project back to the table.
Government estimates indicate that oil demand in the oil-rich country will rise to 30 gigawatts in the coming years, while last June peaked at a record high of 15 gigawatts, with an actual maximum production capacity of 19 gigawatts, of which 17- 17 gigawatts, according to official data.
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