KUWAIT CITY, March 15, (KUNA): The Organization of Arab Petroleum Exporting Countries (OAPEC) and Kuwait National Petroleum Company (KNPC) signed on Sunday a Memorandum of Understanding (MoU) for cooperation in research and overhauling the oil sector and digital services. Walid Al-Badr, the KNPC Chief Executive Officer, who inked the memo along with OAPEC Secretary- General Ali bin Sabt, underlined in remarks on the sidelines of the signing ceremony necessity of research and development in the petroleum industry.

This industry is heavily counting on modern technology to cut costs and produce clean and high-quality oil derivatives, Al-Badr noted. For his part, bin Sabt affirmed that the MoU was inked for exchanging expertise, amid rapid technological development in the energy sector at the Arab and international levels. The MoU also aims to boost mutual cooperation in research, upgrading, data and technology.