Kuwait Petroleum Corp (KPC) plans to spend US$90 billion in the next five years as part of its strategy to boost oil production and relaunch much of the countrys stalled upstream and downstream projects which have been affected by political wrangling.

Italys Saipem SpA, a subsidiary of Italian energy firm Eni, has signed two contracts with a total value in excess of US$1.2 billion to develop oilfields in Kuwait and Syria.