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FINANCIAL NEWS
Kuwait plans 1m bpd increase in crude output by 2020
13 Mar 2012
(MENAFN) Kuwaiti Oil Minister Hani Hussein unveiled plans to increase crude oil output to four million bpd by 2020 from the current three million bpd, state news agency KUNA reported.
The minister also said that Kuwait was planning new oil refinery and environmental fuel projects, both of which are a priority.
Hussein also estimated the cost of the projects at USD30.5 billion, adding that they would create 100,000 jobs.
Kuwait, Opec’s fourth largest oil producer, was also looking at contingency plans in case the Strait of Hormuz was blocked by Iran due to rising regional tensions, Hussein said.
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