Kuwait Sets aside $8b for Oil Projects in 2001-2002

Published December 20th, 2000 - 02:00 GMT

Kuwait is to set aside eight billion dollars for oil sector projects in the 2001-2002 fiscal year, Oil Minister Sheikh Saud Nasser al-Sabah said. 

"Such an amount cannot be neglected and it will absolutely push forward the wheel of the national economy, develop and activate many economic domains," he said, quoted in Wednesday's newspapers. 

He said the major projects were to boost export facilities, lay a pipeline from northern oil fields, modernise refineries and to upgrade safety procedures after two deadly accidents at Kuwaiti oil refineries in June that cost eight lives. 

Kuwait has an OPEC production quota of 2.141 million barrels per day and oil exports account for more than 80 percent of its revenues -- KUWAIT CITY (AFP) 



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