KNPC to invest US$35 Billion in next five years

Posted on 16th April 2014

Kuwait National Petroleum Company (KNPC) will invest USD 35 billion in expanding and development projects in the coming five years, said the company's Chief Executive Officer Mohammad Ghazi Al-Mutairi as reported by Kuwait News Agency.

"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 Tuesday in his speech at the second day of the third Kuwait Oil and Gas Summit and Exhibition. "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 USD 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 plant worldwide. It will help supply low sulfur fuel (less than 1 percent) to the local power plants.

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