cplans to spend about $100 billion in the next five years on oil projects to modernise the vital sector, the emirate's oil minister said Wednesday.
"We already have started the implementation of the 2030 strategy, and overall spending over the next five years is estimated to be at $100 billion," Ali al-Omair told an oil conference in Kuwait City.
The funds "will be spent on various projects related to production, refining, petrochemicals, as well as transportation," Omair said.
Kuwait plans to increase its crude production capacity to 4.0 million barrels per day by 2020 and maintain it until 2030 from the current level of about 3.2 million bpd, said the British Daily Mail.
The investment plans come as oil prices have shed about 60 percent of their value since June. Income from the sector accounts for around 94 percent of Kuwait's public revenues.