Gulf Oil and Gas accountACCOUNT

Kuwait’s $508 Billion Oil Spending Plan Gets Attention of Banks

Source: Bloomberg 2/1/2018, Location: Middle East

Share |
Kuwait’s $508 billion energy spending plan and the prospect for juicy profits from financing it is grabbing the attention of some of the nation’s banks.

With Brent crude near $70 a barrel, oil companies are looking to spend to boost production and build refineries after cutting back since oil began plunging in June 2014. Kuwait, OPEC’s fifth-biggest crude producer, plans to invest $114 billion on capital projects over the next five years and another $394 billion by 2040, Kuwait Petroleum Corp. Chief Executive Officer Nizar Al-Adsani said this week.

The nation’s lenders are focused on financing those projects, Shaheen Hamad Al Ghanem, CEO of Kuwait’s Warba Bank, said in an interview with CNBC Arabia televised.

“The oil sector has for the first time announced its plans for the coming years,” he said. “This will be the focus and will, without a doubt, be a strong catalyst for development of Kuwaiti banks.”

More spending from the state oil giant will be a welcome change. Middle Eastern economies took a hit as governments struggled to cope with falling crude oil prices and spending cuts.

Kuwait Finance House aims to be “a key partner” with national oil companies to fund projects in the next five years, CEO Mazin Al Nahedh told CNBC Arabia earlier this week.

Financials and Investment News in Kuwait >>

United Kingdom >>  2/21/2018 - Independent Oil and Gas plc, the development and production focused Oil and Gas Company, is pleased to provide the following financial, operational an...
Congo >>  2/20/2018 - Congo Republic is set to become the latest African country to start debt relief talks with trading houses after borrowing $2 billion from merchants su...

Nigeria >>  2/20/2018 - MXO plc, the oil and gas investing company listed on AIM, is pleased to announce that it has raised £500,000 before expenses via a placing (the "Placi...
Iraq >>  2/15/2018 - Genel Energy plc has announces that the Taq Taq partners have received a gross payment of US$11.05 million from the Kurdistan Regional Government ('KR...

United Kingdom >>  2/9/2018 - Angus Energy , a conventional oil and gas production and development company, has successfully raised £2.0 million (gross) by means of a private place...
Ghana >>  2/6/2018 - Kosmos Energy has refinanced its reserve based lending (RBL) facility. The RBL facility, which previously incorporated only the company’s Ghana assets...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Kuwait Oil & Gas 1 >>  2 | 3 | 4 | 5 |

More News

 

Oil & Gas Companies in Kuwait >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.