Kuwait to Spend $55 Billion on Petro Projects
A senior Kuwaiti oil official says his country plans to spend $55 billion on oil projects in the next five years.
Jamal al-Nouri, managing director for planning at state-owned Kuwait Petroleum Corp., says the money will be used for production, refineries, and building new tankers. He says some will also be spent on oil investments in China and Vietnam, and on petrochemical projects.
Al-Nouri spoke to reporters on the sidelines of the fourth Islamic Economic Forum. Kuwait produces about 2.7 million barrels of oil a day and exports around 185,000 barrels a day to the U.S., according to the Energy Information Administration.
