Kuwait to invest billions in oil development

Wednesday, December 7, 2004

ABU DHABI 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.

Copyright 2004 East West Services, Inc.

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