Saudi Arabia calls for equitable climate financing at UNHRC    NCM Forecast: Dust storms expected across Saudi Arabia until next week    SR200,000 fine for Saudi and Egyptian in cover-up case    PIF assets soar to $1.15 trillion in 2024    Saudi Arabia advances 14 places to 13th rank in IPR Enforcement Index globally    Hundreds of families displaced by wave of Israeli air strikes on Gaza, witnesses say    Republican Senator Thom Tillis to leave Congress after clash with Trump    Car bomb attack in Pakistan kills at least 13 soldiers    One of Hong Kong's last major pro-democracy parties disbands    Saudi Arabia imposes final anti-dumping duties on imports of steel pipes from China and Taiwan    Iranian Army Chief calls Saudi Defense Minister to discuss regional stability    Saudi Arabia's net FDI jumps 44% to SR22 billion in Q1 2025    Historic Jeddah's visual identity re-imagined through global art installations at Al-Arbaeen Lagoon    Saudi Arabia exit Gold Cup after quarterfinal defeat to Mexico    Al Hilal land in Orlando ahead of Club World Cup clash with Manchester City    Cristiano Ronaldo says the past is over and this season will be Al Nassr's    Al Hilal suffer injury blows ahead of Club World Cup match with Manchester City    Brad Pitt's Los Angeles home 'ransacked', police say    Tehran Symphony Orchestra holds free concert to honor Iranians killed in conflict with Israel    49% of Saudi internet users spend 7 hours a day online    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Kuwait to spend $90 billion on oil
Published in The Saudi Gazette on 30 - 11 - 2010

KUWAIT CITY: OPEC member Kuwait plans to spend as much as $90 billion on oil projects inside and outside the country over the next five years, a top oil executive said Monday.
“About $90 billion will be spent over the next five years to achieve our strategy,” said Hashim Al-Refaai, managing director for planning with Kuwait Petroleum Corp. (KPC), the emirate's national oil conglomerate.
More than a third of the amount is earmarked for two major projects to build a new refinery at a cost of $14 billion and upgrading two existing refineries for $16.3 billion, he told the 6th annual conference on Kuwait projects.
The two projects have been stalled by political disputes between MPs and the government over the past five years.
The 615,000-barrels per day (bpd) refinery project was scrapped by the government after awarding it to South Korean and Japanese firms due to protests by opposition lawmakers that its tendering did not go through the proper legal channels.
Faruq al-Zanqi, the CEO of the national oil company KPC, told reporters on Monday that he is hopeful the two projects will be tendered and awarded in 2011.
He said KPC is waiting for the Supreme Petroleum Council, the highest oil decision-making body, to meet and take a favorable decision on the two projects, insisting Kuwait needed them.
After completing the two projects, Kuwait plans to shut down Shuaiba refinery, one of three refineries in the country with a total capacity output of 930,000 bpd. And when the two projects are operational, Kuwait will have a refining capacity at 1.4 million bpd.
Kuwait's expenditure plan in the oil sector which supplies 90 percent of public income, envisages raising oil output capacity to 3.5 million barrels of oil per day by 2015 from 3.1 million bpd currently, Refaai said.
– Agence France


Clic here to read the story from its source.