Kuwait announces $87.6bn energy budget

Gulf state to massively invest in hydrocarbons sector over 20 years

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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.

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