Monday, August 28, 2017

KNPC to spend $11.6bn on projects in next 5 years

Kuwait National Petroleum Company's (KNPC) expenditure for the next five years is likely to touch KD3.5 billion ($11.6 billion), the company's CEO Mohammad Al-Mutiari has said.

In an interview with local Al-Rai daily, he said that such expenses are earmarked for ongoing projects as well as launching new ones. KNPC's total capital for the 2017-2018 fiscal year was at KD6.1 billion ($20 billion), a Kuwait News Ageny (Kuna) report said.

KNPC is developing the Clean Fuels Project that will upgrade and expand two of its largest refineries to make higher-value products such as diesel and kerosene for export.

Al-Mutairi said the first installment of a $6.25 billion loan from international lenders was expected to be received by the end of September.

He also said the ageing Al-Shuaiba refinery will be closed and it is now up for sale following the completion of all procedures.

He said a gas line project with a production capacity of 805 million cu ft per day, being built at a cost of KD428 million ($1.4 billion), is currently under way. The project entails separating methane and ethane gasses through a highly intricate process, the report said.

Al-Mutairi also spoke about the construction of new KD210 million ($696 million) liquid sulfur treatment facilities at Al Ahmadi refinery and work to upgrade equipment in those storages.

On the local market's soaring demand for fuel, he noted that a warehouse in Al-Ahmadi area is currently undergoing rennovations at a cost of KD75.6 million ($250 million), while a new facility will be built shortly in Al-Metla'a area.

The KNPC CEO also revealed plans to buld 100 new fuel stations to ensure adequate power supply amid growing urbanisation in the country.

On KNPC's total workforce, Al-Mutairi said that 6,281 employees had been registered as of August 13, while the company is expected to hire an additional 377 workers.

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