Kuwait Oil Company (KOC) is willing to pump about $79b of investments over the next five years as part of its plans to increase the production capacity to 4mb/d from 3.1mb/d, Trade Arabia stated.

The planned projects include new petrochemical plants and expansion of existing units owned jointly by Petrochemicals Industries Company (PIC), a subsidiary of KOC, stated PIC’s CEO, Mohammed Al Farhoud, according to Oman Tribune.

Another project involves establishing an ethylene glycol plant in the US with a production capacity of 750,000 tons per year, Al Farhoud added.

It worth noting that KOC had awarded contracts worth around $25.37b between 2014 and 2016 to boost its production capacity.