Kuwait has allocated KD 75 billion for the development of oil-related projects in the country, as part of its development plan, Executive Director of the state-run Kuwait Petroleum Corporation Farouq Al-Zanki said. The targeted sectors include excavation, production, refining and petrochemicals, over the next five years, Al-Zanki told KUNA on the fringes of the Doha World Petroleum Congress session.
Providing prices stay in the USD 95-105 limits, oil-producing companies will be encouraged to continue investing in the development of the industry, aiming to serve the continuing upscale demand as these prices are beneficial to both producers and consumers, he noted. Al-Zanki also suggested that this continuing demand on oil according to current prices should be used in developing production capabilities, especially in the Gulf region, in order to maintain international supply.
