KNPC to spend $35bn on projects in five years
CEO outlines plans for new facilities at national oil & gas summit
Kuwait's National Petroleum Company is set to invest $35bn on projects to expand and develop its assets over the next five years.
The company's chief executive officer, Mohammad Ghazi Al-Mutairi, told the Kuwait Oil & Gas summit that the money will be invested in the recently-agreed $12bn clean fuels project to upgrade existing refineries, construction of the new Az-Zour refinery, building of the country's fifth natural gas plant and new liquefied natural gas (LNG) import facilities.
According to Kuwait News Agency, Al Mutaira said the projects would have a major impact on the country's competitiveness in international oil markets.
"These projects would help Kuwaiti products enter new international markets thanks to its high quality and competitiveness and give a push to national economy and development in the country," he said.
KNPC signed contracts this week with the firms building the $12bn clean fuel project. Three international consortiums, led by Japan's JGC Corp ($4.8bn), UK-based Petrofac ($3.8bn) and US-based Fluor ($3.4bn).
Once complete, they will boost Kuwait's refining capacity to 800,000 barrels of oil per day.