Kuwait Petroleum Re-evaluates $500 Billion Investment Plan

Source: Sinopec News Network 　　 February 12, 2019

According to Bloomberg News on February 10, Kuwait Petroleum is reassessing its capital investment plan of approximately US$500 billion (about 1.8 trillion dirhams). In addition, it may decide to merge its eight business units this year. For four, to streamline the company.

According to people familiar with the matter, the fall in oil prices, OPEC's agreement to reduce crude oil production led to a reduction in Kuwait's oil production, and the reassessment of the best way to use the funds have all contributed to the above assessment. The company announced last year that it plans to invest approximately $500 billion in capital projects by 2040.

The person also said that as part of a long-term strategy, the Kuwaiti National Petroleum Corporation may also merge Kuwaiti Foreign Petroleum Corporation, Kuwait Tanker Company, Kuwait Gulf Petroleum Corporation and Kuwait Petroleum Industry Corporation into a larger oil company.