Saturday , September 22 2018

Top official affirms no intention to ‘increase’ prices of gasoline

KNPC refining capacity reaches 736,000 barrels per day

KUWAIT CITY, Jan 10: A top government official has affirmed that the government has no intention to increase the prices of gasoline in the coming period like Saudi Arabia, United Arab Emirates, Qatar and Oman, reports Al-Nahar daily.

In response to questions raised about the government’s intention to hike gasoline prices during the coming phase, he stressed that the subsidy committee did not discuss the price hike, but is following, within the framework of its work, the developments in the oil market, deficit levels and the best way to deal with the current changes.

The official however, said that the Council of Ministers, in their previous meeting, studied the steps taken by four other GCC countries to increase the gasoline prices in those countries, stressing the need for a thorough study to assess the local situation and take appropriate steps. He explained that the concerned authorities in the oil sector and Ministry of Finance are following up all developments. Detailed reports have been submitted on the decisions taken by other GCC countries as well as the reasons behind the increase in the gasoline prices and the associated repercussions.

Chief Executive Officer of Kuwait National Petroleum Company (KNPC) Mohammad Ghazi Al-Mutairi disclosed that the refining capacity of the company reached 736,000 barrels per day from Ahmadi Port and Abdullah Port, reports Annahar daily.

Al-Mutairi said the capacity will reach 800,000 barrels per day following completion of the bio-fuel project, indicating that KNPC will continue to execute a number of giant projects including the bio-fuel project. He revealed that work is undergoing in the fifth line of the gas production project for production of ethane gas, propane gas, butane gas and natural gasoline. Al-Mutairi elaborated that the line will produce 805 million cubic feet per day and 106,000 barrels of condensers, adding that he is expecting the project to come into operation by April 2019

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