By: Ahmad Awad
Kuwait – Mubasher: Kuwait is planning to spend KWD 35 billion (about $115 billion) on the oil sector during the coming five years, starting from the fiscal year 2017/2018, the CEO of Kuwait Petroleum Corporation (KPC), Nizar Al-Adsani, said on Wednesday.
Th government is expected to allocate 59% of the investment package for oil projects, the minister said on the sidelines of the third Kuwait Oil & Gas Show & Conference (KOGS 2017).
Spending on exploration and production projects forms 68% of the financing package, while 31% of the spending is earmarked for refining and petrochemical projects, the minister said.
Al-Adsani pinpointed that KPC is still working on plans to develop the role it is playing in the oil industry.
We expect the continuity of demand on oil and energy products for a long period until 2030 or after, the CEO of KPC said.
Translated by: Ingy ElSafy
