Kuwaiti oil minister calls sector spending plans ‘optimistic’

Kuwaiti oil minister Khaled al-Fadhel wants the funds allocated by the oil sector for spending within the 2040 strategy to be reconsidered, Al Rai newspaper reported on Saturday.

The minister said he is not against expansion in the oil sector but described the funds, estimated at 150 billion Kuwaiti dinars ($495 billion), as “optimistic”, al-Fadhel said.

Last December, Kuwait National Petroleum Co (KNPC) said it was studying the construction of a new oil refinery in the south of the country.