Wednesday, 17 January 2018 02:25 GMT

Kuwait to spend multi-billion dollars on oil projects

(MENAFN) The Gulf state of Kuwait said it plans to invest USD3.9-5.3 billion in hydrocarbon projects in the coming two years, according to the Emirates 24/7. The state-owned Kuwait oil company (KOC) is drafting a budget for projects during that period and will soon present it to its parent company, the Kuwait national petroleum company (KNPC). Al Rai daily newspaper said: "The sources expect that the budget will range between KD1.1 billion and 1.5 billion in line with plans to execute an ambitious strategy for the company in the oil and gas sector and to make up for the long delay of some projects for reasons that are out of the company's control."

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