Kuwait to Spend $100b on Oil Projects

Kuwait to Spend $100b on Oil ProjectsKuwait to Spend $100b on Oil Projects

Kuwait will  spend $100 billion on oil projects in the next five years to modernize the sector and increase production, the country’s oil minister was quoted by AFP as saying.

Funds will be spent on various projects related to production, refining, petrochemicals, as well as transportation, Ali Al-Omair told an oil conference in Kuwait. Kuwait plans to increase its crude production capacity to 4.0 million barrels per day (bpd) by 2020 from the current level of about 3.2 million bpd.

The government earlier this month proposed investment spending of $155 billion during the next five-year development plan starting in April, the report said. The country will raise its production capacity to 3.5 million bpd by the end of this year, said Nizar Al-Adasani, the chief executive of Kuwait Petroleum Corp.