Kuwait plans $66 billion investment in oil sector

Kuwait intends to spend some $65.51 billion (19bn dinars) by 2020 to develop its oil industry, the backbone of its economy, a senior oil official said yesterday.

Among projects seen as part of the spending plan, he said, was 8bn dinars ($27bn) would go to raising production capacity to four million barrels a day from the current 2.6m barrels a day.