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 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.