Kuwait to spend $15bn expanding plant capacity

By Bloomberg
  • Thursday, 28 January 2010 4:01 AM
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Kuwait plans to spend $15 billion to upgrade domestic refineries over five years as the Arabian Gulf country seeks to expand crude oil processing.

Kuwait Petroleum Corp. plans to expand capacity in Kuwait to 1.4 million barrels a day, Abdulaziz Al Attar, head of the state-owned oil company’s Houston office, said at a conference in Houston today.

Kuwait, one of the founding members of the Organization of Petroleum Exporting Countries, said in December it planned to spend $87.6 billion on energy projects in the next 20 years to attract global companies and boost oil production.

Kuwait Petroleum has three domestic refineries with a total capacity of about 940,000 barrels a day, Al Attar said.

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