• HSBC

Kuwait to spend $51bn

  • Kuwait: Saturday, December 22 - 2007 at 08:32

Kuwait is to pump $51bn into its energy sector over the next five years according to the CEO of Kuwait Petroleum, Sa'ad Al Shuwaib, and cited by Bloomberg. The Gulf state is to undertake an 'aggressive programme' of increasing its production capacity with 4m barrels per day the goal for 2020. Al Shuwaib said the Kuwait Oil Company should develop reserves in the Lower Fars reservoir alongside ExxonMobil inside three years.

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