A top official at the Kuwait Petroleum Corporation announced on Wednesday that the company would invest about $80 billion over the next five years to increase production and expand refinery capacity.
On the oil price which was at $46 a barrel, Sheikh Nawaf Saud Nasir Al Sabah, deputy managing director and general counsel, thought it was now "not far away form the comfortable zone".
The official, who was speaking at the sidelines of the Wharton Global Forum in Dubai, admitted the global economic crisis had forced the company to rethink some of its timings to achieve its goals.
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