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FINANCIAL NEWS
Kuwait to spend USD90b on oil investments
05 Apr 2011
(MENAFN) Kuwait Petroleum Corp (KPC) planning manager, Hashin Al Rifai, said that the company is expected to spend USD90 billion by 2015, as well as USD340 billion by 2030 on investments in the oil and gas sector, reported Reuters.
Rifai added that the aim is to increase the production capacity of oil to reach 4 million barrels per day (bpd) by the year 2020, compared to three million bpd capacity expected by 2015, by spending USD10.4 billion.
The state of Kuwait owns four oil refineries, including Al Zour oil refinery which would contribute hugely in the oil production once the country’s Supreme Petroleum Council gives approval for starting work in it.
It is worth noting that Al Zour was supposed to start operations in 2016, however, plans were delayed as judicial approvals were required.
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