Kuwait has updated its hydrocarbon project strategy with a large targeted increase in crude, refining and petrochemical production, a newspaper said on Monday.

The state-owned Kuwait Petroleum Corporation (KPC), which manages the country’s hydrocarbon industry, launched the new strategy in early October and it involves spending massive funds to be generated from oil exports, the Arabic language daily Al-Anba said, citing a KPC report.

The new 2024 strategy aims to lift Kuwait’s crude output capacity from 2.5 million barrels per day (bpd) to around 4 million bpd, the report said.

Gas production will soar from 499 million cubic feet per day (cf/d) to 2 billion cf/d and refining to 1.6 million bpd inside Kuwait besides 420,000 bpd abroad.

The report said new projects would also allow Kuwait, which controls the world’s sixth largest recoverable oil deposits, to produce around 14.5 million tonnes of petrochemicals per year.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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