OPEC producer Kuwait is planning to pump two billion Kuwaiti dinars ($6.6 billion) into projects to produce pipelines needed for its oilfields, press reports said on Wednesday.

State-owned Kuwait Petroleum Corporation (KPC) and its affiliated companies will spearhead the projects in partnership with local and foreign investors, the Arabic language daily Alanba said.

It quoted KPC sources as saying the government has approved the projects, which will be executed within the next five years as part of Vision 2035.

“KPC and its affiliated companies have drawn up plans to undertake 10 initiatives to develop industries involving pipelines and other products related to the oil and gas sector in a bid to lessen reliance on imports,” the report said.

“These initiatives are also intended to attract global investors to enter partnerships  with Kuwaiti companies to set up such industries and transfer technology to Kuwait.”

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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