Kuwait Petroleum Corporation earmarks 18 billion dinars for projects in five-year plan.
15 November 2023, 12:00 AM
31 December 2023, 12:00 AM
Kuwait Petroleum Corporation has assigned 18.18 billion dinars for capital spending on projects outlined in the five-year plan spanning from 2022 to 2026. Especially, the actual expenditure until March 2023 reached 11 billion dinars, equivalent to 61% of the allocated budget. The Petroleum Corporation and its subsidiaries collectively invested 1.8 billion dinars in capital projects during the fiscal year 2022/2023.
Breaking down the figures, the Kuwait Oil Company secured the majority of the capital allocation within the five-year plan, amounting to 14.7 billion dinars. The company’s actual disbursement to date stands at approximately 8.7 billion dinars, or 59.4% of the allocated sum. In the last fiscal year (2022/2023), the company’s capital spending reached about 1.2 billion dinars, contributing to its 65% share of the total financial amounts dedicated to implementing the capital spending plan.
Kuwait Petroleum International Company, with a total capital expenditure allocation of about 1.6 billion dinars within the five-year plan, expended approximately 1.3 billion dinars until the end of March 2023. The percentage difference until March 2023 reached about 77.9%, and the company’s spending during the last fiscal year stood at 304.7 million dinars.
The National Petroleum Company allocated 247.6 million dinars for its projects within the five-year plan, with actual disbursements reaching 81.6 million dinars by March 31, 2023, constituting 33% of the total financial allocation. In the fiscal year 2022/2023, the company’s capital spending amounted to approximately 22.3 million dinars.
The Kuwait Foreign Petroleum Exploration Company (KUFPEC) outlined a plan to spend about 829.9 million dinars, with actual disbursements reaching approximately 629.9 million dinars by March 2023, representing 75.9% of the allocated financial amounts. The actual disbursement during the fiscal year 2022/2023 was about 72.6 million dinars.
The Kuwait Oil Tanker Company recorded capital spending of 71.4 million dinars during the five-year plan, with actual spending totaling about 16.5 million dinars, equating to a spending rate of 23.2%. In the last fiscal year, the company’s spending was around 6.5 million dinars.
The Kuwait Petroleum Corporation (head office) allocated spending of 5.8 million dinars during the years of the plan, with the actual amount spent being only about 859 thousand dinars, equivalent to 14.8% of the total.