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A senior official from state owned energy company Kuwait Gulf Oil Company (KGOC) has said that the company is planning to spend US$1.14 billion on oil and gas projects in the next 12 months.
Reuters reported that Bader al-Khashti, managing director of KGOC, mapped out the plans to local newspaper al-Rai.
“The budget allocated for capitalism and operational projects is about 1.21 billion dinars ($4.21 billion), to be spent over the span of the five-year plan 2009-2013,” Khasti is quoted as saying.
“The amount of the company’s investments on oil and gas projects during 2010 only is about 328 million dinars ($1.14 billion),” he added.
The comments come after the head of Kuwait’s oil industry revealed in December that the Gulf-state plans to spend a massive $87.6 billion on developing its hydrocarbons assets over the next 20 years.
