Open

Coming up

Don't miss

Replay


LATEST SHOWS

THE INTERVIEW

Gilles Kepel, Islamic and Arab world specialist

Read more

BUSINESS DAILY

Argentina braced for another debt default

Read more

DEBATE

Too Late for Sanctions? Pressure Mounts on Russia over Ukraine (part 2)

Read more

DEBATE

Too Late for Sanctions? Pressure Mounts on Russia over Ukraine

Read more

MEDIAWATCH

'What would you do?'

Read more

AFRICA NEWS

Ebola virus: Liberia shuts most border points

Read more

IN THE PAPERS

Netanyahu says Gaza operation will not end quickly

Read more

FOCUS

As France’s Carrefour pulls out, what next for India’s retail market?

Read more

#TECH 24

Internet of Things

Read more

  • Israeli strikes target symbols of Hamas power

    Read more

  • US says Russia violated arms treaty by testing cruise missile

    Read more

  • Argentina in last-ditch effort to avert default

    Read more

  • Karzai’s cousin killed in Afghan suicide attack

    Read more

  • Libya oil tanker fire blazes out of control

    Read more

  • In pictures: From Gaza to Mosul, bittersweet end of Ramadan for Muslims

    Read more

  • France offers asylum to Iraqi Christians

    Read more

  • Moroccan police arrest French al-Qaeda recruiter

    Read more

  • Israel warns of ‘prolonged’ campaign in Gaza

    Read more

  • French mayor files complaint against US father who risked kids’ lives on Mont Blanc

    Read more

  • French footballer Griezmann headed to Atletico Madrid

    Read more

  • Luc Besson’s sci-fi thriller ‘Lucy’ tops US box office

    Read more

  • Video: Slaviansk mourns mass grave victims

    Read more

  • France honours those lost on Air Algérie Flight AH5017

    Read more

  • Video: Ethiopia turns to wine to boost image, economy

    Read more

Business

Kuwait plans 87 billion dollars investment in oil projects

Text by News Wires

Latest update : 2009-12-13

Kuwait, the world fourth oil producer, has announced it is going to invest 87 billion dollars in order to produce 4 million barrels per day by 2020.

AFP - Kuwaiti Oil Minister Sheikh Ahmad Abdullah al-Sabah said on Sunday the emirate plans to spend 25 billion dinars (87 billion dollars) on oil projects until 2030.
  
"We plan to spend 25 billion dinars on capital projects and annual maintenance and services works from now until 2030," the minister told reporters after opening an oil exhibition.
  
The projects include building a new oil refinery, he said.
  
Opposition from parliament over procedural flaws has forced the government to scrap a project earlier this year to build a 15-billion-dollar refinery.
  
Kuwait, which sits on about 10 percent of proven global crude reserves, has been working on increasing its oil production capacity from the current three million barrels per day to four million bpd by 2020.
  
Sheikh Ahmad said he was not concerned about the recent drop in oil prices, adding this will not change Kuwait's position which is against hiking output at a meeting later this month of the Organisation of Petroleum Exporting Countries.
  
"There will be more demand (for oil) in the first quarter of 2010," he said, adding Kuwait still opposes any increase to the production quota.
  
The minister also said that "dollar, (and) supply situations were pushing oil prices down."
  
Oil prices fell for the eighth straight session in New York on Friday, under pressure from US demand concerns and a strengthening dollar.
  
New York's main contract, light sweet crude for delivery in January, dropped 67 cents to close at 69.87 dollars a barrel.
  
In London, Brent North Sea crude for January edged up two cents to settle at 71.88 dollars a barrel.
  
The New York contract has fallen all month, shedding almost 11 percent of its value in eight sessions and closing below 70 dollars for the first time since October 7.

Date created : 2009-12-13

  • ENERGY

    Global oil reserves overestimated, media report says

    Read more

COMMENT(S)