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Wednesday, October 8, 2008

Kuwait five-year plan calls for $75 billion in energy investments

ABU DHABI — Kuwait plans to invest $75 billion in energy projects through 2013.

The state-owned Kuwait Petroleum Corp. said it would spend 20 billion dinars, or $74.8 billion, over the next five years, Middle East Newsline reported. KPC said about 25 percent of the allocation would modernize Kuwait's oil refineries.

KPC financial director Ali Al Hajeri said the largest project was a four billion dinar project to construct a refinery at Al Zour. He said the 615,000 barrel per day facility would be completed in 2013.

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Another five billion dinars have been budgeted for the modernization of Kuwait's Mina Abdullah and Mina Al Ahmadi refineries, Al Hajeri told the Kuwaiti daily Al Rai Al Aam.

The total energy budget cited by Al Hajeri was higher than that reported by Kuwaiti Oil Minister Mohammed Al Olaim, who said the sheikdom would spend $55 billion on oil projects in a five-year plan.



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