Kuwait to invest $40 bn in oil facilities

KUWAIT CITY: OPEC-member Kuwait is planning to invest up to 40 billion dollars over the next 15 years to modernise its outdated oil facilities and boost capacity to four million barrels a day, the chief executive of the state energy company said.

“We have a massive investment programme.We plan to spend between 30 billion to 40 billion dollars in the next 15 years,” Hani Hussein of the giant Kuwait Petroleum Corp (KPC), told an oil symposium late Saturday. “We have a large number of projects to raise our output capacity to four million barrels per day (bpd) by 2020 This needs an investment of 20 billion dollars. We need the help of international companies,” Hussein said.

Energy Minister Sheikh Ahmad Fahd al-Sabah also told the symposium that the emirate’s new oil strategy involves modernising the oil sector’s infrastructure.

http://timesofindia.indiatimes.com/articleshow/947292.cms