Kuwait to Invest $42b in Energy Projects

Kuwait 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.


Short URL : http://goo.gl/eFwT0q
  1. http://goo.gl/gYRaFn
  • http://goo.gl/3P6g0B
  • http://goo.gl/yJkFU5
  • http://goo.gl/ojqALg
  • http://goo.gl/bZzp3H

You can also read ...

Eni Returns to Profit
New oil and gas project startups and higher oil prices helped...
Europe Keen on Iran Joining SGC
Europe wants countries rich in natural resources to join the...
Oil Gains in Weekly Recovery
Oil prices edged up on Friday as a rebound in the global...
Zarubezhneft, IDRO Oil to Study Susangerd Oilfield
Russian oil and gas firm Zarubezhneft Company has signed a...
Tehran Power Grid Wastage Declines to 3.2%
In line with efforts to minimize blackouts in the capital,...
An investment of $211 million is needed to supply 50 mcm of water per annum to the central provinces.
Water transfer from the Caspian Sea in the north and the...