Kuwait Petroleum Corporation (KPC) plans to spend $90 billion in the next five years to implement its growth strategy, Hashim al-Rifai, managing director for planning at KPC told a news conference on Monday.

Kuwait, the world's fourth-largest oil exporter, is looking to boost oil output capacity to 4 million barrels a day (bpd) by 2020 and gas output to 4 billion cubic feet per day (cfd) by 2030.

Speaking at the press meet, KOC chairman Sami al-Rushaid said the company will start producing heavy oil in the fiscal year of 2015/2016 at a rate of 60,000 barrels per day.

By 2030, the state explorer aims to raise heavy oil production to 250,000-270,000 barrels per day, he added.-Reuters