Kuwait Petroleum Corporation plans 75 billion dollars oil investment

Nicosia, Oct 7 : In the next five years, Kuwait Petroleum Corporation (KPC) plans to invest 75 billion dollars in the oil industry, including the upgrading of Mina Abdullah and Mina Al-Ahmadi refineries, Ali al-Hajeri, Head of KPC Administrative Affairs, told Al-Rai newspaper.

The figure announced by Ali al-Hajeri is 20 billion dollars higher than an earlier estimate given by Kuwait's Oil Minister Mohammad al-Olaim, who said in June that KPC would spend 55 billion dollars on oil projects over the next five years.

KPC plans to increase the capacity of the Mina Abdullah and Mina Al-Ahmadi refineries to 800,000 barrels per day from the current level of 600,000 b/d.

The projected KPC budget through to 2013 includes building the al-Zour refinery expected to process 615,000 b/d, Hajeri said.

Kuwait, the world's seventh-largest oil exporter, sits on 10 per cent of proven global oil reserves.

ANI