Kuwait Plans to Produce Four Million Barrels a Day by 2040, Minister Says

Kuwait, Minister of Oil, Electricity and Water Essam Al Marzouq said today that the vision of Kuwait's energy sector in 2040 sees an increase of oil production to four million barrels a day, expansion in the production of petrochemicals locally and increasing foreign investment to reach the level of global companies.

Kuwaiti news agency KUNA reported today that the minister said the strategy will also focus on making Kuwait have one of the top 10 companies globally in petrochemical production and become one of the five biggest producers of crude oil. Al Marzouq noted that the current level of oil prices were suitable for both producers and consumers. He added that the level of commitment to last year's agreement to cut production has been encouraging so far.

He noted that the country have allocated $120 billion to invest in the oil sector by 2020. The minister added that they are yet to determine the sums required to meet the 2040 strategy.

On the biggest oil-related projects the country is involved in, the Minister of Oil said that the Kuwait Petroleum Corporation will focus on Al Zour refinery project. When completed, Al Zour will have a refining capacity of 615 thousand barrels a day. The corporation will also develop the Al Ahmadi refinery and Port Abdullah. The latter is expected to be ready by 2018. As for foreign projects, Kuwait owns an oil refinery in Al Duqm in Oman. Marzouq also highlighted that they started operating a refinery in Vietnam in July of last year, it has a capacity of 200 thousand barrels a day.

Source: Qatar News Agency