Kuwait will embark on oil projects valued at almost $35 billion as part of its four-year development plan for the industry, Kuwait's oil minister said in an interview with UAE daily The National.

The investments will include a fourth oil refinery in Kuwait and an upgrade at the state's three existing refineries, which will boost capacity and enable them to produce lighter fuel as part of The Clean Fuels Project for Kuwait, Sheikh Ahmad Al-Abdullah Al-Sabah said.

The project will boost capacity of two of the three existing refineries from 730,000 bpd to 800,000 bpd.

Sheikh Ahmed told The National that the two major projects would be implemented in "not less than four to five years." - Reuters