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More role for Kuwait private sector in oil projects

Kuwait , June 1, 2011

Kuwait's private sector will contribute to a third or more of oil projects planned in the major Opec producer, an oil official said in remarks published on Wednesday.   

In 2008, state-owned oil firm Kuwait Petroleum Corp (KPC) said it planned investments and projects worth 20 billion dinars ($72.73 billion) in the next five years.

"We seek to have the local private sector contribute in executing these projects and exceed its current share which is between 20 and 30 percent," Assad Al-Saad, deputy head of KPC unit Kuwait National Petroleum Co told the Al-Rai daily.

Kuwait sits on a tenth of global crude reserves.-Reuters




Tags: Oil | Kuwait | Private |

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