PROJECTS: Kuwait slashes five-year oil project budget – ZAWYA

PROJECTS: Kuwait slashes five-year oil project budget – ZAWYA

PROJECTS: Kuwait slashes five-year oil project budget | ZAWYA MENA Edition HomeProjectsArticlePROJECTS: Kuwait slashes five-year oil project budget $4.3bln to be cut in 2020    Image used for illustrative purpose. Kuwait Oil Tanker employees oversee the loading of crude oil into the new Kazimah III Oil Tanker at Ahmadi North Pier in Kuwait.OPEC member Kuwait has decided to chop 7 billion Kuwaiti dinars ($27 billion) off the budget allocated for oil projects in the current five-year development plan due to the impact of coronavirus on market demand, a local newspaper said on Tuesday.The government had earlier approved 27.7 billion dinars ($91.5 billion) in capital spending for its oil companies during the plan that started in 2019, the Arabic language daily Alrai said, quoting informed oil sources in the Gulf emirate.Allocations included nearly 16.8 billion dinars ($55.5 billion) for oil exploration and production inside Kuwait, the report said.The state-owned Kuwait Petroleum Corporation (KPC), which manages the country's hydrocarbon sector, has informed all affiliated firms it would slash the budget by more than 29 percent as instructed by the government, the paper said."KPC said it was compelled to trim the five-year budget as part of overall spending rationalization in Kuwait due to