Kuwait Petroleum Corp to spend $90bn to raise production

30 November 2010

$90bn for strategy to boost oil production capacity

Kuwait Petroleum Corp (KPC) has announced plans to spend $90bn in the next five years as part of its strategy to boost oil production capacity to 4 million barrels a day by 2020, Reuters has reported. The total sum includes expenditure on oil investments abroad, including refineries in Vietnam and China and upgrading the oil tanker fleet as well as projects to achieve the 2020 oil production capacity target, Hashim al-Rifai, managing director for planning at KPC told a news conference.

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