Kuwait to Invest $42b in Energy Projects

Kuwait to Invest $42b in Energy ProjectsKuwait to Invest $42b in Energy Projects

Kuwait’s state-run oil company is planning to invest $42 billion  by 2022, as the country pursues a threefold strategy to increase oil production, expand refineries and flesh out a clean fuels project. Speaking at an oil committee meeting on Wednesday, Kuwait National Petroleum Corporation’s officials said investments would focus on expanding two key refineries—Mina Al Ahmadi and Mina Abdullah, Oilprice reported. KNPC officials also touted the country’s Clean Fuel Project, which they said was already more than half complete and should be 75% complete by the end of this year. “We are determined to go forward and spend as much as possible on our economy and infrastructure,” Finance Minister Anas Al-Saleh said in an interview with Bloomberg Television, adding that reducing the budget shortfall is also a priority. Last week, a senior Kuwait Petroleum Corp. official said the company planned to increase oil production by 44% to almost 4 million barrels a day in 2020. That was when Kuwaiti crude was trading at around $40 per barrel.