Kuwait Petroleum Is Said to Reassess $500 Billion Spending Plan
- KPC may also combine subsidiaries to streamline operations
- State oil producer mulls changes amid slump in crude: person
The Q8 Europort refinery, operated by Kuwait Petroleum Corp., in Rotterdam.
Photographer: Jasper Juinen/Bloomberg
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Kuwait Petroleum Corp. is reassessing plans to spend about $500 billion in capital investment and may decide this year to combine its eight business units into four to streamline the company, according to a person familiar with the matter.
Lower oil prices, Kuwait’s reduced output under a deal by OPEC to pump less crude, and a reevaluation of how best to spend the money have prompted the review, the person said, asking not to be identified as the potential changes have yet to be approved. The company announced plans last year to spend about $500 billion on capital projects until 2040.