ABU DHABI ø Kuwait plans to invest $10 billion for oil exploration
and development in a project meant to last through 2020.
Officials said the project would develop oil infrastructure and upgrade
oil facilities. They said seven oil and gas tankers were purchased as part
of the plan.
Kuwaiti Oil Minister Ahmad Al Fahd Al Sabah told a conference on Dec. 4
that the sheikdom also plans to construct a refinery and develop
petrochemical industries. Fahd said the strategy also included the
development of oil reserves along the border with Kuwait and the
privatization of oil ventures, including fuel stations, Middle East Newsline reported.
Officials said Kuwait plans to significantly increase oil exports and
exploit the current price boom. They said the sheikdom faces a challenge in
developing its petrochemical sector, training employees, reducing red tape
and bolstering cooperation with foreign energy firms.