Kuwait Will Not Slow Development Of Oil Projects
$OIL
Kuwait Petroleum Corp (KPC) is studying investment opportunities, including petrochemicals, in Asia and North America
Kuwait will not slow the development of its Oil industry projects in response to the fall of Crude Oil prices, its oil minister Ali al-Omair told a recent industry conference.
The CEO of state energy giant Kuwait Petroleum Corp (KPC), Nizar al-Adsani, told the conference that his company had spent $13.2-B in the F-Y 2014/15, and continues to spend in the current fiscal year on strategic Oil projects.
He said KPC was now studying several investment opportunities, including petrochemicals, in Asia and North America. He did not elaborate.
Kuwait currently produces about 3-M BPD of Crude Oil and by Y 2020 it will be able to produce 4-M BPD, Mr. Adsani added.
The International Energy Agency (IEA) head Fatih Birol said the fall in global upstream Crude Oil investment in Y 2015 would be at least 20% Vs Y 2014 and the biggest decline in history.
| HeffX-LTN Analysis for OIL: | Overall | Short | Intermediate | Long |
| Neutral (-0.10) | Neutral (0.04) | Neutral (-0.08) | Bearish (-0.25) |
Have a terrific weekend.
HeffX-LTN
Paul Ebeling
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