KUWAIT PETROLEUM EYES $20 BILLION FUNDING

  • 31/03/2021

Kuwait City : To maintain crude oil production levels, Kuwait Petroleum Corporation plans to borrow funds to the tune of $20 billion over the next 5 years. This shortfall in funding reveals the effect of the crude oil price drop in the international market last year in the event of the COVID pandemic. 

The company is state-owned and all the revenue generated goes back to the government, and the operational funding is disbursed periodically to the company.All the major oil-producing countries faced a setback last year because of the pandemic causing a dip in the demand for crude oil.

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