$500bn spend on oil projects
01 March 2018
Opec member Kuwait plans to spend more than half a trillion dollars by 2040 to boost its oil and gas output and refining capacity, said a report.
The announcement comes despite Kuwait projecting a budget deficit in the next fiscal year for the fourth year in a row due to low global oil prices, reported the Kuwait Times.
State oil giant Kuwait Petroleum Corporation (KPC) plans to carry out a number of major projects to boost oil production to 4.75 million barrels per day by 2040, stated the report citing its top executive.
“To achieve these targets, KPC plans to spend $114 billion in capital expenditure over the next five years and an additional $394 billion beyond that to 2040,” stated CEO Nizar Al Adsani.
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- In Brief
