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Kuwait to invest $87 billion on oil projects
Kuwait plans to spend $87 billion on oil projects…
December 13, 2009 5:16 by kippreport
Kuwait plans to spend $87 billion on oil projects in the country, Sheikh Ahmad Abdullah al-Sabah, Kuwait’s oil minister told reporters on Sunday. “We plan to spend KD25 billion ($87 billion) on capital projects and annual maintenance and services works from now until 2030,” he said, adding that a new oil refinery was on the pipeline.
“There will be more demand (for oil) in the first quarter of 2010,” he said.
Kuwait has 10 percent of proven global crude oil reserves, and currently produces three million barrels per day, reports AFP.