KUWAIT CITY: Kuwait Petroleum Corp. expects to spend more than $500 billion as it boosts its crude oil production capacity to 4.75 million barrels per day in 2040, the national oil firm said on Wednesday, outlining ambitious growth plans for the next two decades.
“KPC is expected to spend $114 billion in capex over the next five years and an additional $394 billion beyond that to 2040,” Chief Executive Nizar Al-Adsani told an oil industry conference.
Kuwait’s current oil production capacity is around 3.15 million bpd. It revealed the plan to lift capacity to 4.75 million bpd early last year.
The figure would exceed the current output of Iraq and Iran, OPEC’s second and third biggest oil nations, whose production was 4.4 million and 3.8 million bpd respectively in December.
Iraq and Iran plan to raise output steeply in the coming years to compete with OPEC leader Saudi Arabia, which produces around 10 million bpd and has capacity of more than 12 million bpd.
However, Iraq and Iraq are running far behind their targets to expand output because of infrastructure constraints, red tape and, in the case of Iran, the threat of Western sanctions.
The move by Kuwait to expand capacity signals a willingness among OPEC producers to fight for market share in the long term as global oil demand rises and as the organization faces competition from Russia and two fast-emerging oil superpowers, the US and Brazil.
Al-Adsani also told the conference that KPC intended to lift domestic oil refining capacity to
2 million bpd by 2035, while ensuring maximum offtake of domestic heavy oil production and taking into consideration the need to meet local energy demand.
KPC recently began a pre-feasibility study to lift refining capacity inside Kuwait by almost 300,000 bpd, Al-Adsani said without elaborating. Capacity was estimated at 936,000 bpd in 2015, according to the US Energy Information Administration.
The company intends to expand into downstream derivative and specialty petrochemical products at facilities inside and outside the country, Al-Adsani added.
Meanwhile, non-associated natural gas production in Kuwait is to increase to 2.5 billion cubic feet per day (cfd) in 2040, from 0.5 billion cfd expected in April 2018 and 1 billion cfd by 2023, Al-Adsani said.
As part of efforts to reduce emissions of harmful gases, KPC’s future power plants will be gas-fired, although it will use renewable energy when that makes commercial sense, he added.
Kuwait Petroleum to spend over $500bn by 2040
Kuwait Petroleum to spend over $500bn by 2040
PIF-backed AviLease achieves revenue of $664m and 19% growth in 2025
RIYADH: Saudi Arabia’s Public Investment Fund-backed AviLease achieved exceptional performance and sustainable business growth during 2025, supported by the strategic expansion of its global platform.
According to its financial results for 2025, AviLease recorded total revenues of $664 million, an annual increase of 19 percent, driven by disciplined growth in its asset portfolio and strong performance in aircraft remarketing amid sustained global demand for modern, fuel-efficient aircraft, the Saudi Press Agency reported.
Profit before tax doubled compared to the previous year, reaching $122 million. The year witnessed an expansion in AviLease’s portfolio, reaching 202 owned and managed aircraft, leased to over 50 airline companies in more than 30 countries.
The total value of the company’s assets stabilized at $9.3 billion. AviLease maintained a 100 percent fleet utilization rate, reflecting the resilience of its business model, the efficiency of its asset management, and the strength of its strategic relationships with airlines around the world.
AviLease concluded purchase agreements for aircraft from Airbus, including the A320neo family and A350F, and Boeing 737 aircraft, aiming to enhance its future asset portfolio with modern, fuel-efficient aircraft. This step will contribute to supporting future growth and meeting increasing customer demand for the latest aircraft, aligning with the Kingdom’s ambitions to become a leading global aviation hub.
AviLease strengthened its prestigious credit standing by obtaining a strong Baa2 credit ratings from Moody’s and BBB from Fitch, reflecting its financial solidity, managerial discipline, and efficiency in managing leverage. The company also successfully issued senior unsecured bonds worth $850 million last November under Regulation 144A/RegS. This issuance contributed to diversifying its funding sources and enhancing its financial flexibility.
Commenting on the results, AviLease CEO Edward O’Byrne said: “This exceptional performance reflects the quality of the company’s investment portfolio, the strength of its partnerships with airlines, and its strategic focus on responsibly deploying capital into highly sought-after, efficient, modern aircraft assets.”
He added: “As aviation markets continue to grow, AviLease is strategically positioned to continue its expansion plans and deliver sustainable long-term value for shareholders, contributing to the Kingdom’s ambitions.”
Throughout 2025, AviLease continued to play a pivotal role in the Kingdom’s growing aviation sector and contributed directly to the launch and scaling of the new national carrier, Riyadh Air, by completing a sale and leaseback transaction for a Boeing 787-9 aircraft, which thereby became the first aircraft to join the airline’s fleet.
AviLease also established a strategic partnership with Hassana Investment Co. This partnership aims to provide an opportunity for local and international investors to enter the aircraft financing asset class and benefit from AviLease’s technical expertise and operational capabilities to support partnership growth and enhance performance.
Hassana Investment Co. has agreed to acquire an initial portfolio of 10 modern aircraft from AviLease.
