A member of Kuwait’s Supreme Petroleum Council (SPC) has told the state news agency KUNA that 2009 is a good time to invest in energy projects due to the low cost of raw materials and construction.
News gathering agency Reuters reported that Khaled Boodai had also told KUNA that that the current slowdown was temporary and both oil prices and demand will rise again in the future.
“The current time is considered very suitable to start with major oil projects whether in exploration or production and refining,” Boodai was quoted by KUNA as saying.
Kuwait wants to increase its oil capacity by an extra 1 million barrels per day (bpd) to 4 million bpd by the year 2020. Conflicting reports have been coming out of the country regarding expansion. Kuwait Petroleum recently announced that it planned to spend US$80 billion on development projects in the next five years. However, two mega grassroots refinery projects have recently been cancelled due to political infighting.
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