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Bid to diversify Kuwait’s crude oil outlets
KUWAIT CITY, Dec 23, (KUNA): The CEO of Kuwait Petroleum International Ltd (KPI) and head of the delegation Nabil Bourisly assured the Nghi Son Refinery and Petrochemical Limited Liability Company (NSRP) in Vietnam is considered to be part of a vast and important project to all shareholders in the energy sector especially the Vietnamese government. When contacted by KUNA today after the official ceremony of the refinery’s commercial operation, Bourisly explained the significance of this step forward due to the increased demand of oil production and the cooperative efforts by all the sponsors of this project showing a strengthening of relations between all three state owners (Kuwait-Japan- Vietnam).
This strategic venture focuses on investing in the major developing markets specifi- cally in Asia and areas that help strengthen the relations of KPI, mentioned Bourisly. He also added this major investment in the refinery and petrochemicals sectors which will support KPI in its relations with other associations and open new doors for even more investments and partnerships and diversifies Kuwait’s crude oil outlets, while also an opportunity for small and upcoming companies.
When asked how this project could benefit the Vietnamese government, Bourisly said that the NSRP as the second refinery in Vietnam along with the existing Dung Quant refinery together meets around 70 percent of local demand for oil production. He also added that NSRP provides premium products to the market like premium diesel and gasoline in addition to LPG, jet fuel, and many petrochemical products like polypropylene and benzene. All this production needs a large workforce which provides hundreds of jobs to the local Vietnamese population.
The NSRP also secures KPI’s production for the long term as the complex is a Greenfield refinery with a capacity of 200 KBPD, said Bourisly. The partnership with Petro Vietnam and Japan’s Idemitsu Kosan Co is very beneficial in marketing the products in the local and international markets as the Japanese experience and support are very valuable especially in the world market. Other than the economic benefits of this investment, Boursily emphasized the high level of experience KPI’s employees will obtain from such a project from the challenges they will face, as well as gaining safe depositories for Kuwaiti crude oil.
The three Kuwaiti banks that financially contributed to the NSRP project are the National Bank of Kuwait, Commercial Bank of Kuwait and Al-Ahli Bank of Kuwait, which is worth around USD 112 million and “they have always been supporting KPI in its international venture,” said Bourisly.