KNPC hon­ors of­fi­cials who helped sign Al-Zour Re­fin­ery con­tracts

Kuwait Times - - LOCAL -

KUWAIT: The Kuwait Na­tional Petroleum Cor­po­ra­tion (KNPC) held a cer­e­mony yes­ter­day to honor cur­rent and for­mer of­fi­cials who con­trib­uted in sign­ing Al-Zour Re­fin­ery project’s con­tracts. CEO Mo­ham­mad Al­Mu­tairi said in a speech at the event quoted by Kuwait News Agency (KUNA) that the project “boosts KNPC’s com­pet­i­tive ca­pa­bil­i­ties in light of the great fluc­tu­a­tions in the global oil mar­kets.”

Al-Zour Re­fin­ery, which is slated to com­plete around 2017, will have a re­fine­ment ca­pac­ity of 615,000 bar­rels per day, brin­ing KNPC’s to­tal pro­duc­tion ca­pac­ity to 1.4 mil­lion bar­rels of high qual­ity prod­ucts per day.

The re­fin­ery has a strate­gic goal of sup­ply­ing low sul­fur fuel (less than one per­cent com­pared to cur­rent four per­cent sul­fur fuel) to the lo­cal power plants. This will sig­nif­i­cantly re­duce pol­lu­tant emis­sions and in that sense it con­sti­tutes a spe­cial im­por­tance to the en­vi­ron­ment.

The con­tract to build the $16-bil­lion re­fin­ery were signed on Oc­to­ber 13, 2015 were with 10 for­eign com­pa­nies in­clud­ing Spain’s Tec­ni­cas Re­u­nidas, China’s Sinopec, South Korea’s Hyundai, SK, Dae­woo and Han­wha, Bri­tain-based Fluor, Italy’s Saipem and In­dia’s Es­sar. Last year, the KNPC signed con­tracts for a $12 bil­lion project to up­grade two of its three ex­ist­ing re­finer­ies. Kuwait sits on 101.5 bil­lion bar­rels of crude re­serves - equiv­a­lent to 6.8 per­cent of the world’s proven re­serves ac­cord­ing to the lat­est OPEC fig­ures. It pumps 2.8 mil­lion bpd.

KUWAIT: Cur­rent and for­mer Kuwait Na­tional Petroleum Cor­po­ra­tion of­fi­cials are pic­tured dur­ing a cer­e­mony to honor those who con­trib­uted in sign­ing Al-Zour Re­fin­ery pro­jec­tís con­tracts. — KUNA

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