Kuwait Petroleum Corporation (KPC) plans to spend about 10 billion dinars ($33 billion) over five years to increase oil production capacity, betting on strong demand for decades to come.
Chief Executive Officer Sheikh Nawaf Al-Sabah noted that we look forward to making huge investments not only to maintain our production capacity but ultimately to grow it as our strategy calls for.
Kuwait's economy is mainly oil-based, as it is the fifth richest country in the world in terms of gross per capita income and the fifth largest producer in OPEC, and has 101 billion barrels of proven crude reserves, the seventh largest in the world. According to data from the Ministry of Finance, oil accounts for 91 percent of exports and revenues, making the Gulf country extremely rich, but also vulnerable to price fluctuations, which affects annual revenues.
