Kuwait Oil Company wins 2019 International CSR Excellence Awards
The Kuwait Oil Company (KOC) won the 2019 International CSR Excellence Awards for its outstanding efforts to reduce greenhouse gas emissions.
The 2019 International CSR Excellence Awards is operated by the UK’s Green Organization which is an independent, international, non-profit and non-political environmental group founded in 1994. The awards recognizes responsible companies and organizations that give back to the community.
In a press release, the KOC said the honoring attests to the company’s success to reduce gas flaring from 19.7 percent to 0.6 percent.
The organization’s annual publication will include the working papers of the awards’ winners to highlight their stories of success in the field of Corporate Social Responsibility (CSR).
Kuwait joined the Global Gas Flaring Reduction (GGFR) partnership, an initiative led by the World Bank to reduce emissions that result from the oil industry.
Kuwait was the third country in the Middle East to join the initiative.
Kuwait Oil Company has reduced flaring to 1.75% of its gas production, and has been one of the lowest flaring oil companies. With support from GGFR, the company’s progress in this regard resulted into upping annual revenue by $2.7 billion, lowering consumption of liquid fuels, and reducing liquified natural gas (LNG) imports.
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