‘KPC intends to increase local contribution to large oil projects’

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KUWAIT CITY, Feb 8: Kuwait Petroleum Corporation (KPC) intends to increase to KD1.8 billion the local contribution to large oil projects which will be implemented soon such as the environment-friendly fuel and Al-Zour Refinery, reports Al-Anba daily quoting Chief Executive Officer Nizar Al-Adsani.

Speaking on the sideline of the conference on the strategy in transforming Kuwait into the center of development and oil industries with the theme, “Industrial opportunities arising from oil projects,” Al-Adsani revealed the increase for fiscal 2016/2017 was 38 percent. According to the daily’s calculation, the share of local and foreign banks, as well as exports credit agencies; will be $350 billion of the expenditures of KPC and its subsidiaries until 2040.

The rest will be financed through the resources of KPC and its subsidiaries as per the statement issued by Planning and Financial Managing Director Wafaa Al-Zua’abi — about 70 percent or $500 billion of the 2040 oil plan.

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