Kuwait to Spend Over $30 Billion to Boost Oil in Bet on Demand
- KPC targeting capacity of 3.2 million barrels a day next year
- CEO bullish on oil even though IEA says demand is nearing peak
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Kuwait Petroleum Corp. plans to spend about 10 billion dinars ($33 billion) over five years to ramp up oil production capacity, betting on robust demand for decades to come.
“We’re looking to make massive investments,” Chief Executive Officer Sheikh Nawaf Al-Sabah said in an interview. That’s “not only to maintain our production capacity, but ultimately grow it like our strategy calls for us to do.”