Nizar al-Adasani, Deputy Chairman and CEO of the Kuwait Petroleum Corporation, speaks during the fourth Kuwait oil and gas conference in Kuwait City on April 11, 2016. AFP / Fayez Nureldine
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Kuwait Petroleum Corp. is reassessing plans to spend about $500 billion in capital investment and may decide this year to combine its eight business units into four to streamline the company, according to a person familiar with the matter.The company announced plans last year to spend $500 billion on capital projects until 2040 .State-run KPC also may merge Kuwait Foreign Petroleum Co., Kuwait Oil Tanker Co., Kuwait Gulf Oil Co. and Kuwait Integrated Petroleum Industries Co. into larger units as part of its long-term strategy, the person said. As part of its reassessment of planned spending, KPC is reviewing investment in so-called heavy oil, which is costly to produce, the person said.
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