Kuwait National Petroleum Company to invest $40 billion in mega projects
KNPC CEO says the company has embarked on ambitious programme to implement many mega projects with an investment outlay of around $40bn
Mohammad Ghazi Al-Mutairi, CEO, Kuwait National Petroleum Company (KNPC) was speaking at the Kuwait Projects 2014 event in Kuwait City yesterday.
Al-Mutairi said, “As part of KPC’s long term strategic plan, KNPC has embarked on an ambitious programme to implement many mega projects with an investment outlay of around $40bn.”
KNPC being a downstream refining arm of Kuwait Petroleum Corporation plays a vital role in meeting Kuwait’s energy demand by producing local market products requirements as well for export market.
KNPC has been an outstanding contributor to the development of Kuwait’s economy, the global oil industry and in particular, recent project progress in the Middle East.
As per KPC strategic Directions for meeting Kuwait’s long-term energy demand, KNPC is implementing two major projects – the first one is the Al Zour refinery project, having capacity to process 615,000 bpd KEC crude and will be one of the largest grass-root refinery in the world. This project will meet the low sulphur fuel requirement for Kuwait power plants and is designed to process heavy crude, thus providing an economical disposal option for Kuwaiti heavy crudes.
The EPC award for the project is expected early next year and overall project completion by May 2019.
The second project to meet local energy demand is Al Zour LNG Import facilities project, and is planned to be implemented with capacity of 3000 BBTU/Day. FEED for the same is in progress and expected to be completed shortly. The project completion is by February 2021.
The Al-Zour Refinery complex will be an integrated Refinery–Petrochemical complex having the LNG Import Facilities as well. The Al-Zour Refinery- Petrochemical study is currently in progress.
Kuwait Projects 2014 continues its second day with an update on the latest projects in the education, power and water projects as well as on financing needed for the next 10 years to support Kuwait’s $160bn projects market.
For more information and to register please visit www.meedkuwaitprojects.com.