KNPC to invest $35bn in next five years

KUWAIT: Kuwait National Petroleum Company (KNPC) will invest $35 billion in expanding and development projects in the coming five years, said the company’s Chief Executive Officer Mohammad Ghazi Al-Mutairi. “At the forefront of these projects came the multi-billion dollar clean fuel project, the new Al-Zour refinery, the fifth natural gas plant and the construction of new liquefied natural gas import facilities,” Al- Mutairi said yesterday in his speech at the second day of the third Kuwait Oil and Gas Summit and Exhibition.

Al-Mutairi underlined that the strategic projects would have great impacts on Kuwait’s oil products competitiveness on the global market. “These projects would help Kuwaiti products enter new international markets thanks to its high quality and competitiveness and give a push to national economy and development in the country,” he said. The KNPC signed this week the contracts of the $12 billion-worth clean fuel project with three international consortia. The project aims at upgrading and expanding the existing KNPC two refineries at Mina Abdulla and Mina Al- Ahmadi.

The project will transform the refineries into an integrated merchant refining complex that meets the requirements of the world oil market. It will also increase the refining capacity to 800,000 barrels a day. The new multi-billion dollar Al-Zour refinery will be one of the largest oil refining plants worldwide. It will help supply low sulfur fuel (less than 1 percent) to the local power plants. Al-Mutairi said the best mean to ensure the success of any project is the existence of executive programs that includes deadline and separate evaluation for each stage of the project.

He added that the KNPC hires highly-qualified international experts to apply and the transfer to the company the latest project management approaches. Al-Mutairi expected that the world’s oil refining map would be changed within the coming years as North America continent have turned from importer to exporter of oil products. He added that the global refining output will increase in the next five years to the equivalent of 9.5 million barrels a day. Al-Mutairi shed lights on a number of the main challenges facing the company and the whole oil sector in Kuwait and the proposed means to address them. —KUNA

The post KNPC to invest $35bn in next five years appeared first on Kuwait Times.

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