KUWAIT CITY, Sept 1, (Agencies): Kuwait Oil Tanker Company (KOTC) signed on Wednesday a KD 54.6 million contract with South Korean Hanhwa company to establish a liquefied gas plant.
KOTC Chairman and Managing Director Nabeel Burisli said in a speech on the occasion of signing the contract that the project to be established in Um Al-Aish area, in northern Kuwait, aims to stress the state’s production capability.
The new plant will provide 15 million cylinders of gas every year, 160 percent of the capability of the current plant, he pointed out.
The plant will be built on an area of 150,000 square meters, he noted.
Burisli said that the project will provide the needs of the northern region of the state and the new cities and projects like Bobyan Port and Al-Hareer City, adding that it will serve the local market until 2030.
The project will use the latest technology in filling gas cylinders and will use the most safe and environmentally safe ways for storage, he noted. The project will provide job opportunities for Kuwaiti technicians who were already hired, he noted. On his part, Hanhwa Chairman and Managing Director Hyun Chung Kim said that the company uses high quality and safety standards and will do its best to ensure the success of the project. He expressed happiness for the company’s cooperation and good relations with KOTC.

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KUWAIT CITY: Kuwait oil price dropped $84 cents in transactions on Tuesday and came to $70.67 a barrel compared to $71.51 a barrel recorded on Monday, the Kuwait Petroleum Corporation (KPC) said on Wednesday. Kuwaiti oil is deeply affected by the daily speculations, as well as geo-political and geo-psychological factors in the oil market.

KHOBAR, Saudi Arabia: State-run Kuwait Petroleum Corp (KPC) issued a tender to sell 80,000 tonnes of gas oil for September after Pakistan reduced imports, traders said. KPC has offered two cargoes — 40,000 tonnes of 500 ppm sulphur gas oil for Sept 17-18 loading and the same amount of 0.2 percent gas oil for Sept 15-16, they said. Pakistan State Oil (PSO) has cut its gas oil imports from KPC by 100,000 tonnes a month in August and September. Its average import volume from KPC is 300,000 tonnes a month, traders said on Tuesday.
PSO has also declared force majeure on taking delivery of at least two gas oil cargoes following the country’s devastating floods.

KUWAIT CITY: Kuwait Petroleum Corporation (KPC) announced Wednesday the price for Liquefied Petroleum Gases (LPG), propane and butane gases, for the month of September.
KPC said in a press release that the price of propane would be set at $630 for per metric ton within this month, an increase of $55 from the price in August which was set at $575 per metric ton.
The price for butane would be set at $650 per metric ton, said KPC. The price would be an increase of $55 from Augusts’ $595 per metric ton.
The price of gas is commonly pegged with oil prices in the international market. Also the global economic situation plays an important role in determining the price.