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Kuwait to invest $300bn in energy sector by 2040: oil minister says

July 6, 2023 at 1:45 pm

A general view taken on April 16, 2016 shows the Shuaiba oil refinery south of Kuwait City [YASSER AL-ZAYYAT/AFP via Getty Images]

Kuwait aims to invest over $300 billion in the energy sector by 2040, the Gulf states’ oil minister told the UAE’s WAM news agency.

Global investment in the energy sector faces significant gaps that need to be filled to prevent crises that could adversely affect the markets and the global economy, Deputy Prime Minister, Minister of Oil and Minister of State for Economic and Investment Affairs of Kuwait, Saad Al Barrak, said.

Speaking on the sidelines of the 8th OPEC International Seminar, being held in the Austrian capital Viennatoday, he added that oil and its derivatives are a fundamental component of the Kuwaiti economy, while the Organisation of the Petroleum Exporting Countries (OPEC) plays a vital role in stabilising the global oil market.

Kuwait, he explained, aims to increase its oil production capacity to 3.2 million barrels per day by the end of 2024, while affirming the Gulf state’s commitment to reaching net zero by 2050 and its focus on investing in alternative and environmentally friendly energy sources to enhance its stature as a global energy hub.

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