Construction key part of KNPC's $12bn five-year spend
Kuwait National Petroleum Company is currently working on construction and renovation projects worth more than $2bn, CEO Mohammad Al-Mutiari reportedly revealed
Kuwait National Petroleum Company's (KNPC) expenditure for the next five years is expected to be worth $11.6bn (KWD3.5bn), of which a significant amount will be devoted to construction programmes.
KNPC's chief executive officer, Mohammad Al-Mutiari, said the firm's total capital for the 2017-18 fiscal year is set at $20bn (KWD5.1bn).
A gas line project with production capacity of 805 million ft3, worth $1.4bn (KWD428m), is currently being developed by the company.
In addition, liquid sulfur treatment facilities, worth $696m (KWD210m), are being constructed at KNPC's Al Ahmadi refinery, with work to upgrade its storage equipment also underway.
Renovation work worth $250m (KWD75.6m) is being carried out at a warehouse in Al Ahmadi area.
KNPC will also build a new facility in Al Metla'a.
According to state agency KUNA, citing Al Rai, KNPC will develop 100 fuel stations "to ensure adequate power supply" in the country.
Al-Mutiari added that KNPC's Al Shuaiba refinery is also up for sale, following the completion of procedural works.