Kuwait to spend $3.9-5.3bn on 2015-2016 oil projects

The Gulf state of Kuwait is expected to approve hydrocarbon projects worth between KD 1.1-1.5 billion ($3.9-5.3 billion) for its 2015-2016 fiscal year, a newspaper reported on Monday.

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), the Arabic language daily Al Rai said.

The paper quoted what it described as informed sources as saying that KOC has been locked in “marathon” meetings to finalize the 2015-2016 oil projects budget.

It said the company is expected to present that budget to KNPC board of directors for approval in the first week of August.

“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,” the paper said.

Kuwait, a key OPEC member, has been involved in massive programs to expand its lift its crude output capacity, develop the gas sector and expand refineries.

Follow Emirates 24|7 on Google News.