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KNPC to invest US$40.15bn on refinery projects

Industry

Kuwait National Petroleum Co. (KNPC), the Gulf states refiner, expects to start work on projects worth a total of US$40.15 billion this year, the state news agency reported.

The projects include building the OPEC's member's fourth refinery and clean fuels projects which will upgrade two of the country's three refineries at a cost of US$31.3 billion, Hatem Al-Awadhi, deputy managing director of KNPC told KUNA.

Al-Awadhi said the projects also included building a fifth gas production line at a cost of about US$1.1 billion.

Approved

Last week, Kuwait's Supreme Petroleum Council (SPC) approved the construction of the long-delayed Al-Zour refinery which had been expected to start up in 2016 at an estimated cost of US$14.58 billion.

The SPC also approved the clean fuels project last week, which is expected to cost US$16.7 billion. KNPC operates the country's three existing refineries, which together can process 930,000 barrels a day.

The world's fourth largest oil exporter plans to increase its refining capacity to 1.4mn barrels a day and Kuwaiti companies are also involved in new refinery projects in Asia.

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