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Kuwait Petroleum reassess $500 billion investment plan

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Kuwait is reassessing its investment plan due to lower oil prices, reduced output under a deal by OPEC to pump less crude and a re-evaluation of how best to spend the money.

Sunday 10, February 2019

(Bloomberg) --Kuwait Petroleum Corporation (KPC) is reassessing plans to spend about $500 billion in capital investment and may decide this year to combine its eight business units into four to streamline the company.

The company announced plans last year to spend about $500 billion on capital projects until 2040.

State-run KPC also may merge Kuwait Foreign Petroleum Company, Kuwait Oil Tanker Company as well as Kuwait Gulf Oil Company and Kuwait Integrated Petroleum Industries Company into larger units as part of its long-term strategy.

 The potential consolidation would still require government approval. The company’s media office could not immediately be reached for comment.

TAGS : Kuwait Petroleum Corporation, Kuwait Foreign Petroleum Company, Kuwait Oil Tanker Company, Kuwait Gulf Oil Company, Kuwait Integrated Petroleum Industries Company, OPEC

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