Kuwait eyeing acquisition of overseas energy assets

17 April 2018
State energy company mulling asset acquisitions in Asia and Africa

Kuwait aims to increase its oil and gas production and reserves by acquiring of assets abroad as well as expanding its exploration efforts at home, the head of state-owned Kuwait Petroleum Corporation (KPC) has said.

KPC's CEO Nizar al-Adsani said that while Asia would remain the focus for Kuwaiti oil exports, the national oil company was also keeping an eye on the African market for possible acquisitions.

"We have started working with financial institutions to achieve strategic partnerships to find the optimum solutions to finance our current and future projects," Adsani said at an event in Kuwait City.

He said the state energy syndicate plans to invest $113bn (KWD34bn) in various strategic oil and gas projects over the next five years as part of its 2040 objectives to secure the future of Kuwait’s energy industry.

A key stated goal of KPC is to raise Organization of Petroleum Exporting Countries (Opec) member Kuwait’s oil production to 4 million barrels a day by 2020.

KPC is also expanding its downstream capabilities at home and abroad, according to Adsani.

"We in KPC believe that petrochemicals is an important arm to maximise KPC's value chain returns and we are focussing on expanding our chemical commodity portfolio," he said.

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