Kuwait announces $87.6bn energy budget

Gulf state to massively invest in hydrocarbons sector over 20 years

NEWS, Industry Trends

Other stories: World's 10 largest oilfield technology companies | World's 10 largest petrochemicals companies | Oil industry giants: ADNOC | Oil industry giants: Saudi Aramco | Top 10 MENA Region mega projects | Top 10 billion dollar oil deals of the summer | 2009's winners and losers in the oil industry10 events in oil's history that shook the world | Top 10 Gulf mega projects | Top 10 largest publicly traded oil companiesWorld's 10 largest oilfield services companies | World's 10 largest oil and gas contractors

The head of Kuwait’s oil industry has revealed that the Gulf-state plans to spend US$87.6 billion on developing its hydrocarbons assets over the next 20 years.

Bloomberg reported that oil minister Sheikh Ahmed Al-Sabah told a conference in Kuwait City that the money will be spent “from today till 2030” and that the figure will cover both the construction of new facilities as well as maintenance and services.

Kuwait also has plans to revive Al-Zour the $15 billion grassroots refinery project was planned with a capacity of 615,000 barrels per day.

The massive refinery project was canceled earlier this year due to political in-fighting and concerns over irregularities regarding the awarding of contracts.

State refiner Kuwait National Petroleum Co (KNPC) awarded deals worth $8.4 billion to Japan's JGC Corp, and South Korea's GS Engineering and Construction Corp, SK Energy and Daelim Industrial in May 2008.


Most Popular

Digital Edition

Oil & Gas Middle East - November 2020

Subscribe Now