Kuwait to restudy petrol prices in De­cem­ber: KNPC

Mo­torists switch to cheaper gas

Kuwait Times - - FRONT PAGE -

KUWAIT: Fuel prices in the coun­try will be reval­ued early De­cem­ber, as peo­ple have started con­sum­ing pre­mium-grade petrol in­stead of su­per-grade fuel, said a se­nior of­fi­cial at Kuwait Na­tional Petroleum Com­pany (KNPC). The Cab­i­net has as­signed the sub­si­dies com­mit­tee to re-ex­am­ine prices of petroleum prod­ucts ev­ery three months, KNPC’s Deputy CEO for Sup­port Ser­vices Basem Al-Essa told KUNA yes­ter­day. The com­mit­tee will dis­cuss the cur­rent con­di­tions to de­cide the suit­able prices, he added.

Lo­cal con­sump­tion of fuel has changed since the re­cent hike in prices, es­pe­cially with the price dif­fer­ence be­tween the pre­mium and su­per grades of petrol. Con­sump­tion rates of pre­mium petrol jumped from 20 per­cent to 80 per­cent af­ter the hike, the of­fi­cial said. He added that KNPC has launched an ap­pli­ca­tion called “Kuwait Fuel” for smart­phones, aim­ing to help peo­ple choose the right fuel for their cars.

Mean­while, Essa noted that the com­pany is cur­rently ex­e­cut­ing the big­gest projects in its his­tory since its es­tab­lish­ment in 1960. The most prom­i­nent project is the Clean Fuel Project at Mina Ab­dul­lah and Ah­madi re­finer­ies set to launch in mid-2018, with a pro­duc­tion capacity of 800,000 bar­rels per day, he said. KNPC is also work­ing on the Zour re­fin­ery project, set to open in Q3 2019, with a pro­duc­tion rate of 615,000 bar­rels per day, he said. The com­pany’s re­fin­ing capacity is ex­pected to jump to 1.4 mil­lion bar­rels per day, once the two projects are com­plete, he added.

Essa also spoke of the fifth LPG train project for pro­cess­ing ad­di­tional gases from fields and re­finer­ies. The project is set to launch in April 2019, with a pro­duc­tion rate of 805 mil­lion cu ft of gas daily. KNPC is also de­vel­op­ing a sul­phur han­dling fa­cil­i­ties project at Mina Ah­madi re­fin­ery and a flare gas re­cov­ery unit project to re­duce en­vi­ron­ment pol­lu­tion caused by gas flar­ing, said Essa. The com­pany pro­vides es­sen­tial en­ergy prod­ucts all over Kuwait, he said, adding that KNPC made prof­its of KD 176 mil­lion in the fis­cal year 2015-16. — KUNA

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