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Kuwait's KPC to spend 35 bln dinars on oil projects in 5 years

Kuwaiti investors watch the Kuwait Stock Exchange index board in Kuwait city February 5, 2006.

Kuwaiti investors watch the Kuwait Stock Exchange index board in Kuwait city February 5, 2006.

Reuters/Stephanie McGehee
KUWAIT, Feb 13 (Reuters) - Kuwait Petroleum Corp (KPC) expects to spend 35 billion dinars ($114.8 billion) on oil projects in the next five years, its chief executive officer said on Monday, adding 30 percent of the amount would be for local content.

Spending by KPC and its affiliates on local services and products will jump to 1.2 billion dinars annually this fiscal year and next year, Essam al-Marzouq, Kuwait's oil minister, said.

Marzouq and KPC CEO Nizar al-Adsani made the comments at an industry conference.

(Reporting by Ahmed Hagagy, Writing by Reem Shamseddine; Editing by Subhranshu Sahu) ((Reem.Shamseddine@thomsonreuters.com; +966503335202; Reuters Messaging: reem.shamseddine.thomsonreuters.com@reuters.net))
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