Skip to content
Subscriber Only

Kuwait's $508 Billion Oil Spending Plan Gets Attention of Banks

Nizar Al-Adsani, CEO of Kuwait Petroleum Corp.

Nizar Al-Adsani, CEO of Kuwait Petroleum Corp.

Photographer: F. Carter Smith

Kuwait’s $508 billion energy spending plan and the prospect for juicy profits from financing it is grabbing the attention of some of the nation’s banks.

With Brent crude near $70 a barrel, oil companies are looking to spend to boost production and build refineries after cutting back since oil began plunging in June 2014. Kuwait, OPEC’s fifth-biggest crude producer, plans to invest $114 billion on capital projects over the next five years and another $394 billion by 2040, Kuwait Petroleum Corp. Chief Executive Officer Nizar Al-Adsani said this week.