KNPC to spend KD 3.5 billion in five years

Kuwait National Petroleum Company’s (KNPC) expenditure for the next five years is likely to touch KD 3.5 billion ($11.6 billion), the company’s CEO Mohammad Al-Mutiari said yesterday. In an interview with local Al-Rai daily, he said that such expenses are earmarked for ongoing projects as well as launching new ones, citing KNPC’s total capital for the 2017-2018 fiscal year was at KD 6.1 billion ($20 billion). 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.

He also addressed a current gas line project with a production capacity of 805 million cubic feet per day and a total cost of KD 428 million ($1.4 billion), which entails separating methane and ethane gasses through a highly intricate process. Al-Mutairi also spoke of the construction of new KD 210 million ($696 million) liquid sulfur treatment facilities in 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 AlAhmadi area is currently undergoing renovations at a cost of KD 75.6 million ($250 million), while a new facility will be built shortly in Al-Metla’a area. The KNPC CEO revealed plans to build 100 new fuel stations to ensure adequate power supply amid growing urbanization in the country, saying that Al-Shuaiba refinery is now up for sale after all procedures have been completed.