Kuwait Oil Spends $5.41B A Year on Capex

KUWAIT CITY (Dow Jones Newswires), Apr. 4, 2011

Kuwait Oil Company, responsible for the Gulf state's oil and gas exploration and production, is spending around 1.5 billion Kuwaiti dinars ($5.41 billion) on new capital expenditure every year, the group's chairman and managing director said Monday.

"On average we are spending about 1.5 billion Kuwaiti dinars a year on capital," Sami Al-Rushaid told reporters at an energy event in Kuwait.

He didn't elaborate on what the money was invested in.

Organization of Petroleum Exporting Countries member Kuwait is the world's fourth largest oil producer currently pumping around 2.2 million barrels a days and sits on about 10% of the world's crude reserves.

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