Despite Low Oil Prices, Kuwait Plans To Invest $42 Billion By 2022

20 May 2016   Kuwait

Iran Kuwait Offshore Field Kuwait’s state-run oil company is planning US$42 billion in investments by 2022, as the country pursues a three-fold strategy to increase oil production, expand its refineries and flesh out a clean fuels project. Speaking at an oil committee meeting on Wednesday, Kuwait National Petroleum Corporation’s (KNPC) officials said investments would focus on expanding two key refineries—Mina Al Ahmadi and Mina Abdullah. KNPC officials also touted the country’s Clean Fuel Project (CFP), which they said was already more than half complete and should be 75 percent complete by the end of this year. Related: Oil Prices Take A Step Back As Dollar Appreciates It all fits into Kuwait’s apparent policy of spending extravagantly in the middle of an oil price slump, that is now easing. A senior Kuwaiti official was quoted on Thursday as saying that Kuwait is “spending as much as possible” to boost economic […]

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