The oil sector is expected to spend about KD 34.5 billion over the next five years for the implementation of large development projects, Deputy Prime Minister Representative, Acting Minister of Finance and Acting Minister of Oil Wafa Al-Zaabi said Sunday.
About KD 30 billion will be spend inside Kuwait's in the exploration and production sector which is about 63 percent, while 37 percent for the refining and petrochemical sector, she added during the opening of forum on the future of the oil industry.
The company's strategy would aim to raise the production capacity of crude oil locally to 4 million barrels per day in 2020 and maintained until 2030 and to raise the rate of free gas production to 2.5 billion cubic feet per day as well as raise the refining and manufacturing energy to 1.4 million barrels per day, she said.
On his part, head of board of director at Kuwaiti Estidama Holding Group Khalid Al-Mutawaa said that the group must increase the percentage of local private sector participation in strategic projects, which one of the most important driving force for the economy.
The private sector is full of liquidity where the amount of its bank deposit was about KD 34 billion, he said.
He stressed that this conference was a great opportunity for constructive dialogue and positive discussions that would activate and expand participation of the private sector in the oil industry.