Bader Ebrahim Al-Attar, the managing director of planning and finance at Kuwait Petroleum Corporation (KPC), has confirmed the company plans to spend $410bn on its long-term energy strategy.One of the strategy’s aims is for state-owned KPC to raise its overall oil production capacity to 4 million barrels a day (b/d) by 2035.In October last year, Al-Attar said that KPC planned to spend the money until the end of 2040.In his latest statements, Al-Attar said that KPC is planning to spend the money until the end of 2050.Al-Attar confirmed that $110bn would be spent on transition projects.He said these projects would require the cooperation of the banking sector and international banks to enable the institution to implement its projects, which include reducing carbon emissions and raising efficiency.A total of $300bn is expected to be spent on conventional energy projects, such as the development of oil and gas production as well as refinery projects. (ICE KUWAIT)

Fonte notizia: Meed