FINANCIAL NEWS

Kuwait Oil plans $24b investments through 2015

11 May 2010

(MENAFN) The Chairman of Kuwait Oil Co. (KOC) said that the company is planning to invest between $17.3 billion and $24.2 billion in hydrocarbon projects during the next five years, Kuna reported.

Kuwait produces light crude in addition to 50,000 barrels of petrol gas a day, the chairman said, noting that KOC planned to produce to 60,000 barrels of heavy crude a day from Faris onshore oilfield, north Kuwait, between 2015 and 2016.

The planned projects range from the development of oil and gas facilities such as pipelines, well drilling and pumping stations, to the acquisition of tug-boats and the construction of a hospital, he revealed.

He pointed out that KOC’s strategy for 2030, particularly its eighth item, provides that the company must meet its commitments to all sectors of the economy, as well as Kuwait Petroleum Corporation (KPC).

It is noteworthy that the Kuwaiti government?s action plan for 2009-2014 envisages raising the country’s oil production capacity to 3.3 million barrels a day and the free gas output to 600 million cubic feet.

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