Mubasher: The investment cost of Kuwait Petroleum Corporation’s (KPC) expansion projects and new refineries may exceed $50 billion, the state-owned firm’s deputy director of marketing said.

KPC tends to diversify its oil products and invest in the petrochemicals sector, Jamal Alloughani told CNBC Arabia.

Kuwait’s oil giant seeks to produce 15% of the GCC nation’s power needs from renewable energy by 2030.

KPC plans to develop and explore over 2,000 oil barrels over the coming period, Alloughani said.