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Tuesday , November 20 2018

KNPC likely to spend KD 3.5b in next five years: Al-Mutairi – Company expected to hire additional 377 workers

KUWAIT CITY, Aug 27, (Agencies): Kuwait National Petroleum Company’s (KNPC) expenditure for the next five years is likely to touch KD 3.5 billion ($11.6 billion), the company’s CEO Mohammad Al-Mutairi said on Sunday.

In an interview with local Al-Rai daily, he said that such expenses are earmarked for ongoing projects as well as launching new ones, citing KNPC’s total capital for the 2017-2018 fiscal year was at KD 6.1 billion ($20 billion).

He noted the company withdrew the first tranche of domestic loan valued at KD 1.2 billion in May. He anticipated disbursement of the first tranche of external loan in September after all conditions may have been met.

On KNPC’s total workforce, Al-Mutairi said that 6,281 employees had been registered as of Aug 13, while the company is expected to hire an additional 377 workers.

He also addressed a current gas line project with a production capacity of 805 million cubic feet per day and a total cost of KD 428 million ($1.4 billion), which entails separating methane and ethane gasses through a highly intricate process.

Al-Mutairi also spoke of the construction of new KD 210 million ($696 million) liquid sulfur treatment facilities in Al Ahmadi refinery and work to upgrade equipment in those storages.

On the local market’s soaring demand for fuel, he noted that a warehouse in Al-Ahmadi area is currently undergoing renovations at a cost of KD 75.6 million ($250 million), while a new facility will be built shortly in Al-Metla’a area.

The KNPC CEO revealed plans to build 100 new fuel stations to ensure adequate power supply amid growing urbanization in the country, saying that Al-Shuaiba refinery is now up for sale after all procedures have been completed.

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