OPEC member Kuwait intends to pump nearly 5.8 billion Kuwaiti dinars ($19 billion) on 10 large oil projects in the next seven years, a newspaper said on Tuesday.
The largest project involves the construction of a petrochemical complex near the Southern Al-Zour oil refinery, which has just been completed at a cost of more than $15 billion, the Arabic language daily Alanba said, citing a government report.
The cabinet has approved the funds for the project, which is overseen by the Kuwaiti Petroleum Corporation (KPC) that manages the Gulf country’s hydrocarbon industry.
The report said some of those projects have been launched while others are in the process of being started.
It showed the petrochemical complex would cost nearly KWD 2.99 billion ($9.86 billion) and would be completed in 2030.
Another key project involves building an olefins plant at a cost of KWD 994 million ($3.28 billion), the report said, adding that the project is still under study.
Other projects include the development of Jurassic gas facilities in North Kuwait at a cost of KWD 332 million ($1.09 billion).
There are also plans to build a sixth LPG production unit at a cost of KWD 511.3 million ($1.68 billion), said the report, which noted that this project would be kicked off during the 2028-2029 fiscal year.
(Writing by Nadim Kawach; Editing by Anoop Menon)