Kuwait plans to invest nearly $19 billion on 10 large oil projects in the next seven years, Zawya Projects reported, citing a local newspaper.
The largest project involves the construction of a petrochemical complex near the Southern Al-Zour oil refinery, which has just been completed at a cost of more than $15 billion, the Arabic language daily Alanba said, citing a government report.
The cabinet has approved the funds for the project, which is overseen by the Kuwaiti Petroleum Corp (KPC) that manages the Gulf country’s hydrocarbon industry.
The report said some of those projects have been launched while others are in the process of being started.
It showed the petrochemical complex would cost nearly $9.86 billion and would be completed in 2030.
Another key project involves building an olefins plant at a cost of $3.28 billion, the report said, adding that the project is still under study.