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

Kuwait Times - - LOCAL -

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.

Newspapers in English

Newspapers from Kuwait

© PressReader. All rights reserved.