Kuwait’s oil sector has presented its business plan for the 2001/2 fiscal year, reported the Kuwait News Agency.
According to Oil Minister Shaikh Saud Nasser Al Sabah 2.33 billion dinars ($7.61 billion) will be spent on capital projects during this period.
The oil minister said that 77 percent of the amount will be spent on project managed by the Kuwait Oil Company (KOC) projects, 14.4 percent would be allocated to Kuwait National Petroleum Co. (KNPC) and 4 percent to Petrochemical Industries Co (PIC).
The minister did not say whether the allocated sums would part of the country's budget for 2001/02 which will be presented during the new year. The fiscal year begins on April 1
KPC is one of the world's largest oil firms, having responsibility for Kuwait’s crude oil sector and a range of downstream operations. – (Albawaba-MEBG)
© 2000 Mena Report (www.menareport.com)
