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FINANCIAL NEWS
Kuwait to invest $35b in oil projects
24 Aug 2010
(MENAFN) Kuwaiti Oil Minister Sheikh Ahmed Abdullah Al Sabah said in an interview that Kuwait is about to embark on major oil projects worth almost $35 billion as part of the government�s four-year development plan, Kuna reported.
The investments include a fourth oil refinery in Kuwait and an upgrade at the state’s three existing refineries, which will boost capacity and enable them to produce lighter fuel as part of The Clean Fuels Project for Kuwait, Sheikh Ahmad Al-Abdullah Al-Sabah said.
The project will boost capacity of two of the three existing refineries from 730,000 bpd to 800,000 bpd. Sheikh Ahmed said that the two major projects would be implemented in not less than four to five years.
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