Oil sector’s capital expenditure reaches KD 13bn in five years: KPC

Acting Managing Director of Kuwait Petroleum Corporation (KPC) for Financial Affairs Saad Abukhosah estimated capital expenditure of Kuwait’s oil sector in the past five years at KD 13 billion ($42.57 billion). In a press statement, Abukhosah pointed out that the KPC is doing its utmost to upgrade the performance and status of Kuwait’s petroleum sector through a slew of projects to boost growth and promote integration among KPC different arms.

He described KPC’s five-year plan as ambitious, noting that it comprises several mega projects such as the establishment of the clean fuel project, Al-Zour refinery, liquefied natural gas importation facilities and the purchase of eight new oil tankers.

KPC also have plans for several oil exploration and production, heavy crude and flare gas facilities, and petrochemical projects inside Kuwait and abroad, he stated. Abukhosah estimated that total cost of these projects at KD 35 billion ($114.6 billion). KPC would finance these projects through investing some of its revenues in them or restoring to other financial alternatives provided by banks and financial institutions, he said. He expected that the execution of such plans would elevate KPC status as one of the leading regional and international energy corporation and increase Kuwait’s oil revenues.