KIPIC signs KD 32.5 mln deal for Al-Zour refinery
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KUWAIT, Dec 17: Kuwait Integrated Petroleum Industries Company (KIPIC) announced Thursday it signed a KD-32.5-million (around USD 106 million) deal with Greek Hellenic Natural Gas System Operator S.A. (DESFA) to operate and maintain Al-Zour refinery, to launch its operations in summer of 2021.
A statement by KIPIC indicated that DESFA had a 50-year experience in this field. Deputy CEO of Al-Zour Refinery Hatem Al-Awadhi commended the deal, revealing that it will achieve the highest levels of operational security for the facility.
He expressed confidence that KIPIC will build strong relations with DESFA to create a solid and beneficial partnership. The natural gas importing facility will enable the reception of 22 million tons of gas annually, which will in turn provide enough clean fuel to current and future power stations.
Al-Zour refinery is expected to begin operations in the fourth quarter of the 2021-22 fiscal year, indicated Al-Awadhi, revealing that the daily production of British Thermal Unit (BTU) will be at 3,000 billion, equaling 540,000 barrels per day.
He added that Al-Zour refinery has two docks ready to receive the largest liquefied gas tankers and other important facilities. On his part, Mahmoud Abul — KIPIC’s deputy CEO for financial and administrative affairs — indicated that the recently signed deal included a clause stipulated training of Kuwaiti workers and reach 60 percent of operational work force in the future.
Al-Zour refinery project is part of the new Kuwait vision 2035 and within the strategy of the Kuwait Petroleum Corporation (KPC) to develop the industry in Kuwait. (KUNA)
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