Kuwait plans to splash $100bn on oil projects

Kuwait’s Oil Minister Ali Saleh al-Omair says his country will spend some $100 billion in the next five years on oil projects to modernize the vital sector.

"We already have started the implementation of the 2030 strategy, and overall spending over the next five years is estimated to be at $100 billion," al-Omair told an oil conference in Kuwait City.

The funds "will be spent on various projects related to production, refining, petrochemicals, as well as transportation," AFP quoted him as saying.

Kuwait plans to increase its crude production capacity to 4.0 million barrels per day by 2020, and maintain it until 2030 from the current level of about 3.2 million bpd.

The investment plans come as oil prices have shed about 60 percent of their value since June. Income from the sector accounts for around 94% of Kuwait's public revenues.

The Kuwaiti government earlier this month proposed investment spending of $155 billion during the next five-year development plan starting in April.

In the past year, Kuwait has launched two mega projects -- one worth $12 billion to make two of its three refineries more environmentally friendly and another valued at $4.2 billion to produce heavy crude.

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