Kuwait oil minister denies slowdown in projects

Ali al-Omair said Kuwait would continue to invest in the oil sector despite the price slump in the global crude industry

Kuwait has denied oil project delays. [Representational image]
Kuwait has denied oil project delays. [Representational image]

Kuwait has denied it will slow down its developments in the oil sector despite the fall in crude prices, the country's oil ministry said. 

Ali al-Omair, oil minister for Kuwait, said the country would continue to invest in the oil sector. 

Chief executive officer of state owned Kuwait Petroleum Corporation, Nizar al-Adsani, said his firm spent up to $13.2bn (KWD4bn) in the 2014-2015 fiscal year.

Al-Adsani added Kuwait Petroleum Corp. has spent $6.6bn (KWD2bn) in the current fiscal year on strategic oil projects. 

The firm is now studying investment opportunities, including petrochemicals, in Asia and North America, according to Reuters.

 

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