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KOC Plans to Invest up to KD 10 bln in 2013

Source: KUNA 11/5/2012, Location: Middle East

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Kuwait Oil Company (KOC) is planning for huge investments in energy and the infrastructure amounting to around KD 9 to 10 billion in 2013, KOC's Deputy Board Chairman and Deputy Managing Director Mazen Al-Sardi said. "The company is implementing an ambitious strategy focused on growth in the coming period," he said.

Al-Sardi made the press remarks on the sidelines of "Kuwait Energy and Infrastructure Projects" conference being organized by MEED at Marriott Hotel here between November 4 and 7. "The mega projects to be implemented by KOC are part of Kuwait's USD 100 billion five-year plan; they were reviewed with contractors to minimize the risk rates," he revealed.

"The company works constantly to remove obstacles facing its investments in order to ensure timely completion of projects and thorough implementation of the plans; its oil projects start with geological studies before proceeding to designing and drilling operations," Al-Sardi pointed out. The projects of KOC and Kuwait Petroleum Corporation (KPC) were completed in time in the last few years despite the recent global economic crisis, he added.

KOC has finalized plans for casting projects for bidders; these projects include the building of three crude collecting centers in northern Kuwait with a daily capacity of 100,000 barrels each. The company will also build an oil pipeline linking its oilfields to the new refinery, he added.

The seventh annual conference gathers representatives of oil sector including, KPC's CEO Farouk Al Zanki, Undersecretary of the Ministry of Public Works Eng. Abdulaziz Al-Kulaib, the Ministry's Assistant Undersecretary (Roads) Eng. Saud A. Azeez Al-Naki, and the Ministry's Assistant Undersecretary (Chief of Mega Projects Sector) Eng. Adel Al-Torke.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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