Kuwait: $44bn to ‘Upgrade’ Oil Industry

Kuwait has earmarked more than $44 billion over the next 15 years to upgrade its oil industry and boost output to 4 million bpd, according to a report on www.gulf-times.com. The country currently produces about 2.7 million bpd. The money will be spent on mega projects such as a large refinery and upstream projects to raise output, in addition to a number of large petrochemicals plants, he said. A number of projects are also in the pipeline to raise production at oilfields in south and southeast Kuwait, Oun said. State-owned Kuwait Oil Tanker Company this year signed contracts to build seven oil tankers of different sizes to modernize its fleet at cost of more than $600 million. – (Source: www.gulf-times.com)