Kuwait Petroleum will borrow to close $45 bln gap in 5-year spending plan | Reuters
State oil giant Kuwait Petroleum Corporation sees a near 14.1 billion Kuwaiti dinar ($45.7 billion) shortfall in the funds it has available to meet its five-year spending plan, and will need to borrow and sell assets to help plug the gap, a document seen by Reuters showed.
Retaining its annual dividends instead of transferring them to the state budget is "inevitable" during the five years to March 31, 2027, the period of the plan, KPC Chairman Saad Al Barrak said.
The company is planning capital expenditure of 22.05 billion dinars in that time, including about 13.9 billion dinars for exploration and production, Al Barrak said in the Oct. 30 document, a response to a parliamentary query.
"Only keeping dividends will not be enough to cover the expected deficit of about 14 billion Kuwaiti dinars, so the corporation will also borrow and implement some (other) initiatives," Al Barrak, who is also oil minister, said.
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