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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

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.

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1 Comment

  1. helenth01 on June 21, 2010 7:25 am

    A very smart and diplomatic answer. It’s really appreciable and general. The society is facing problems with such laws. This has to go legal and it’s needed to be sorted at the earlier. The initiative taken for the concern is very serious and need an attention of every one. This is the concern which exists in the society and needs to be eliminated from the society as soon as possible.
    Investment Support


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