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Monday , September 21 2020

KNPC to hike refining capacity to two million barrels by 2035

KOTC orders three LPG tankers from Hyundai

KUWAIT CITY, Nov 26, (KUNA) : Kuwait National Petroleum Company said Sunday the value of its current oil projects, part of its 2040 strategic plan, is estimated at about KD 7.6 billion, which equals $25 billion. KNPC aims to increase Kuwait’s refining capacity to two million barrels by 2035, KNPC CEO Mohammad Al-Mutairi told reporters on the sidelines of celebrating the company’s launch of its 2040 strategy.

The current refining capacity, with start of operations in Al-Zour Refinery, is expected to reach 1.4 million barrels per day, Al- Mutairi said, pointing out a current study to increase capacity to the maximum.

He also said initial indications projected a possibility to surpass KNPC’s current 800,000 barrels production by 30,000 or even 130,000 via Al-Zour Refinery. Furthermore, the company is currently preparing a comprehensive study on building a new refinery in, most likely, south of Kuwait, he said.

KNPC is also preparing another new study on establishing two gas lines, sixth and seventh, to contribute to Kuwait Oil Company’s signifi- cant achievement in natural and associated petroleum gas production, he said.

The new study also aims to find ways to increase manufacturing gas production capacity to 3.7 billion square meters per day by 2025, added Al-Mutairi.

Meanwhile, Kuwait Oil Tanker Co (KOTC) has ordered three giant liquefied petroleum gas tankers (LPG) from Hyundai Heavy Industries at a cost of $213.3 million, the state-run Kuwait New Agency (KUNA) reported.

The first vessel should be delivered at the end of 2019, said KUNA, citing an announcement by KOTC Chief Executive Officer Sheikh Talal Khaled Al-Sabah. Sheikh Talal Khaled Al- Sabah announced the launching of three very large gas carriers worth KD 64.8 million (around $213.3 million).

The VLGC-LPG gas tankers are part of a tankerbuilding contract signed with South Korea’s Hyundai Heavy Industries, which includes the building and delivery of three giant gas carriers, he told KUNA. Each tanker can carry around 84,000 cubic meters, he said, adding that the tankers would be built in line with up-to-date world safety and environment specifications and standards. Sheikh Talal confirmed that Hyundai’s commitment to schedules enshrined in the contract, expecting that Kuwait would take delivery of the first gas carrier by the end of 2019.

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