Egypt Kuwait Holding to launch USD 111.6 mln factory
KUWAIT CITY, Sept 4, (KUNA): Kuwait National Petroleum Company (KNPC) on Tuesday announced igniting the first permanent flame in its environmental fuel project in Mina Abdullah refinery.
In a press statement released Tuesday, KNPC’s CEO Mohammaed Al-Mutairi said that this is a huge step towards fully launching the project. On his part, vice CEO for Mina Abdullah refinery Mutlaq Al-Azmi noted that the process was executed following environment and health safety measures.
The project aims to improve the quality of Kuwaiti petroleum products, allow Kuwait to enter the international markets and reduce polluting emissions.
Egypt Kuwait Holding Co announced that one of its subsidiaries is set to launch a Medium-density fibreboard (MDF) wood production factory with a cost of USD 61.4 million for the first phase. In a statement published on Boursa Kuwait website on Tuesday, the company expected a USD 50.2 million cost for the second phase, while the project’s total cost would be at USD 111.6 million. The 300,000 square meter project is located in Beni Suef city in Egypt. The factory is expecting to launch performance operations in H1 2020, with a production capacity of 150,000 square meters. Egypt Kuwait Holding Co was established in 1997 with a capital of USD 500 million and was enlisted in Boursa Kuwait in 2001.