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2018-04-18 13:02:00

KUWAIT'S INVESTMENT $113 BLN

KUWAIT'S INVESTMENT $113 BLN

AOGKuwait plans to invest $113bn over the next five years to enhance oil exploration and production activities both inside and outside the country.

Nizar Al-Adsani, CEO of Kuwait Petroleum Corporation (KPC), said that KPC's 2040 strategic direction has set an ambitious road map for the Kuwaiti oil sector to execute mega projects inside and outside the State of Kuwait on various aspects, with the ultimate goal to maximise revenue generation to the nation's economy, Kuna reported.

Al-Adsani said: "We plan to invest KD 34 billion ($113bn) over the next five years on these projects. Inside Kuwait, the oil and gas growth strategy is bridging the demand gap, as well as making energy more accessible to consumers in the emergent economies and the developing world. This strategy includes achieving four million barrels per day of crude oil production by the year 2020 and creating the mechanisms to maintain such production levels."

"We will be maximising exploration activities, as well as the development and production of non-associated natural gas in Kuwait with a target to achieve 2.5 billion standard cubic feet per day by the year 2040. Furthermore, KPC is expanding its refining capacities and capabilities both domestically and internationally."

"We in KPC believe that petrochemicals is an important arm to maximise KPC's value chain returns and we are focusing on expanding our commodity chemical portfolio," added Al-Adsani. KPC will seek benefit from the experience and the technological advantages of joint venture partners to reach further down the hydrocarbon chain and ensure diversification towards specialty and derivative petrochemicals, as per the Kuna report.

"KPC provides additional job opportunities for over 13,000 to join us during the 2040 Strategic Directions Implementation, in addition to 100,000 in-direct job opportunities through contractors. Our employees are our most valuable investments and we focus on developing their capabilities and skills. We believe the focus of any successful strategy centres on human competency development. Such a strategy maintains the excellence required, provided through the strength of our human resources. We continuously encourage the sharing of the best practices and collaborative work amongst members of the oil sector."

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Earlier:

 SHELL - KUWAIT LNG
2017, December, 25, 20:10:00

SHELL - KUWAIT LNG

BLOOMBERG - Kuwait Petroleum Corp. signed a 15-year liquefied natural gas import deal with Royal Dutch Shell Plc to help the oil exporting nation meet growing domestic energy demand.

 

 SHELL SELLS THAILAND
2017, January, 31, 18:35:00

SHELL SELLS THAILAND

Shell has reached an agreement with KUFPEC Thailand Holdings Pte Limited, a subsidiary of Kuwait Foreign Petroleum Exploration Company (KUFPEC), for the sale of subsidiary companies Shell Integrated Gas Thailand Pte Limited and Thai Energy Co Limited, which together hold a 22.222% equity stake held in the Bongkot field, and adjoining acreage offshore Thailand consisting of Blocks 15, 16 and 17 and block G12/48, for USD 900 million.

 

 KUWAIT'S DEFICIT: $18.2 BLN
2016, July, 6, 18:05:00

KUWAIT'S DEFICIT: $18.2 BLN

Kuwait's budget deficit reflects the impact lower oil prices have had on crude exporters, particularly Gulf Arab monarchies that rely on oil revenues to support generous subsidies, welfare benefits and public sector wages.

 

 KUWAIT'S OIL STRIKE
2016, April, 19, 18:00:00

KUWAIT'S OIL STRIKE

Thousands of workers in six oil and petrochemical companies went on strike Sunday to protest proposed government cutbacks.

 

 

 KUWAIT & SAUDI AGREE
2016, April, 3, 16:10:00

KUWAIT & SAUDI AGREE

Production at Khafji was halted in October 2014 because of environmental concerns. The 300,000-b/d field lies in the Saudi-Kuwaiti neutral zone. Kuwait Gulf Oil Co. and Saudi Aramco Gulf Operations Co. jointly operate it. Neither company commented on restart reports.

 

 BP & KUWAIT AGREEMENT
2016, April, 3, 15:55:00

BP & KUWAIT AGREEMENT

The framework agreement includes opportunities for joint investment in future oil and gas exploration, and possible oil and gas trading deals, including LNG.

 

 

 СОТРУДНИЧЕСТВО РОССИИ И КУВЕЙТА
2015, November, 12, 20:00:00

RUSSIA & KUWAIT COOPERATION

Russia’s President Vladimir Putin met with Emir of Kuwait Sabah Al-Ahmad Al-Jaber Al-Sabah this week to discuss opportunities for cooperation in the fields of energy and diplomacy. The two countries also signed a memorandum for military technical cooperation.

Tags: KUWAIT, OIL, INVESTMENT

Chronicle:

KUWAIT'S INVESTMENT $113 BLN
2018, May, 21, 10:40:00

U.S. PETROLEUM DEMAND UP BY 750 TBD

API - American Petroleum Institute reported that the first four months of this year saw U.S. petroleum demand average 750 thousand barrels a day above the same period in 2017 despite higher prices, a sign of solid economic activity. April also saw the U.S. produce a record 10.5 million barrels per day (MBD) of oil.

KUWAIT'S INVESTMENT $113 BLN
2018, May, 21, 10:35:00

IMF: EGYPT'S GROWTH UP

IMF - “Egypt’s growth has continued to accelerate during 2017/18, rising to 5.2 percent in the first half of the year from 4.2 percent in 2016/17. The current account deficit has also declined sharply, reflecting the recovery in tourism and strong growth in remittances, while improved investor confidence has continued to support portfolio inflows. In addition, gross international reserves rose to $44 billion by end-April, equal to 7 months of imports.

KUWAIT'S INVESTMENT $113 BLN
2018, May, 21, 10:30:00

U.S. RIGS UP 1 TO 1,046

BAKER HUGHES A GE - U.S. Rig Count is up 1 rig from last week to 1,046, with oil rigs unchanged at 844, gas rigs up 1 to 200, and miscellaneous rigs unchanged at 2. Canada Rig Count is up 4 rigs from last week to 83, with oil rigs up 6 to 38 and gas rigs down 2 to 45.

KUWAIT'S INVESTMENT $113 BLN
2018, May, 18, 09:20:00

OIL PRICE: ABOVE $79

REUTERS - Brent crude futures LCOc1 were at $79.57 per barrel at 0310 GMT, up 27 cents, or 0.3 percent from their last close. Brent broke through $80 for the first time since November 2014 on Thursday. U.S. West Texas Intermediate (WTI) crude futures were at $71.62 a barrel, up 13 cents, or 0.2 percent, from their last settlement.

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