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Kuwait to further invest in energy projects: KPC

by ChemOrbis Editorial Team -
  • 27/01/2016 (11:34)
According to media reports, the head of the state-owned Kuwait Petroleum Corporation (KPC), Nizar Al-Adsani, stated that the country will continue investing in energy projects in spite of low oil prices. He added that the company expects to spend around $100 billion on investments over the next five years, commenting that half of this figure has already been allocated to specific projects.

KPC reportedly signed a memorandum of understanding (MOU) with two Korean credit agencies for $11 billion to finance for its upstream, downstream, petrochemical and transportation projects.

Meanwhile, Kuwait’s acting oil-minister Anas al-Saleh said that OPEC’s decision not to curb its oil output is working well, contrary to statements by Iraq’s oil minister that oil majors such as Saudi Arabia and Russia are beginning to show greater willingness to work together to stabilize the oil market.
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