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KNPC to invest $35 bln in strategic projects in 5 yrs PIC CEO predicts petchems to exceed 50% of non-oil income

KUWAIT CITY, April 15, (KUNA): Kuwait National Petroleum Company (KNPC) will invest US $35 billion in expanding and development projects in the coming five years, said the company’s Chief Executive Officer Mohammad Ghazi Al-Mutairi. “At the forefront of these projects came the multi-billion dollar clean fuel project, the new Al-Zour refinery, the fifth natural gas plant and the construction of new liquefied natural gas import facilities,” Al-Mutairi said Tuesday in his speech at the second day of the third Kuwait Oil and Gas Summit and Exhibition. Al-Mutairi underlined that the strategic projects would have great impacts on Kuwait’s oil products competitiveness on the global market.

“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. The KNPC signed this week the contracts of the US $12 billion-worth clean fuel project with three international consortia. The project aims at upgrading and expanding the existing KNPC two refineries at Mina Abdulla and Mina Al-Ahmadi. The project will transform the refineries into an integrated merchant refining complex that meets the requirements of the world oil market. It will also increase the refining capacity to 800,000 barrels a day.


The new multi-billion dollar Al-Zour refinery will be one of the largest oil refining plant worldwide. It will help supply low sulfur fuel (less than 1 percent) to the local power plants. Al-Mutairi said the best mean to ensure the success of any project is the existence of executive programs that includes deadline and separate evaluation for each stage of the project. He added that the KNPC hires highly-qualified international experts to apply and the transfer to the company the latest project management approaches. Al-Mutairi expected that the world’s oil refining map would be changed within the coming years as North America continent have turned from importer to exporter of oil products. He added that the global refining output will increase in the next five years to the equivalent of 9.5 million barrels a day.
Al-Mutairi shed lights on a number of the main challenges facing the company and the whole oil sector in Kuwait and the proposed means to address them.


Also:
KUWAIT CITY:
Kuwait Petrochemical Industries Company (PIC) CEO Asaad Ahmad Al-Saad said here on Tuesday petrochemical industry will be an influential source of the country’s national non-oil income, expecting it to exceed 50 percent of non-oil earnings.
Speaking at the 3rd Kuwait Oil & Gas Summit & Exhibition, which kicked off here on Monday, Al-Saad said his company is seeking to boost petrochemical earnings to make up over 50 percent of Kuwait’s non-oil income.
The PIC’s petrochemical development strategy is based on the expansion of Aromatics and Olefins III projects and invasion of specialized petrochemical industry, he elaborated.
On his part, Kuwait Petroleum International (Q8) CEO Bakhit Al-Rashidi said his company had concluded an engineering, supply and construction contract with Japan’s Idemitsu Kosan Co and Mitsui Chemicals Inc. and PetroVietnam for the Vietnam oil refinery, expecting it to start operating by 2017 with a refining capacity of 200,000 barrels per day.
He said his company gives a priority to reducing risks and invading new high-growth areas in the near future.


Kuwait Petroleum International (Q8) is the international marketing arm of Kuwait Petroleum Corporation, the state-owned entity responsible for Kuwait’s hydrocarbon interests throughout the world. The 3rd Kuwait Oil & Gas Summit & Exhibition, officially hosted by the Kuwait Petroleum Corporation (KPC), is the strategic meeting place for the Kuwait oil and gas industry. The Summit has a reputation for delivering quality and excellence, whilst playing a critical role in helping to set the agenda for sustainable growth.  The program for 2014 will include forward-thinking debate on capacity building, efficiency and cooperation, with a focus on the policies, investment and skills needed to realize Kuwait’s strategic oil and gas objectives.






 

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