CEO of Kuwait National Petroleum Company (KNPC) Mohammed Ghazi Al-Mutairi announced Sunday that a collective of KD1.71 billion has been spent on a biofuel project, which was locally and internationally financed.
In an interview with Al-Rai on Sunday, Al-Mutairi said that funding was possible through loans from local banks which is given to them over periods of time.
KNPC has received three payments so far reaching 339 million dinars, with a remainder 861 million dinars which they will receive in divided payments until August of 2017.
KNPC stated that regarding international funding, it has reached the final stage in negotiations with agencies in Korea, Japan, Britain, Holland, and Italy in which 20 international banks stepped forth and agreed to finance the portion secured to support the agencies' global exports.
KNPC's negotiation team is currently assessing which banks to do business with based on a specific set of criteria in which they will select three to five of the most fitting banks. It is anticipated that the second tranche in October reached 6.3 million dollars. KNPC reported that 62.9 percent of the project is spread over refineries in Ahmadi with 53 percent in Mina Abdullah.
Al-Mutairi has assigned different groups to perform different tasks and said that the project is to be completed in the second half of 2018. Al-Mutairi clarified that the number of workers involved in this project reached 26,000 employees and sometimes it requires 40,000 workers. Al-Mutairi said that they signed a contract with the Spanish company, Tecnicas Reunidas, that is worth 433 million dinars in which the project should be completed in 42 months.
Al-Mutairi also said that they have started digging and getting the site ready in Mina Ahmadi where the number of employees working on the project will reach 4,500 employees.
Al-Mutairi said there are plans to build 100 gas stations and so far 19 have been built. The project will be completed in 2017. Al-Mutairi made sure to clarify that this project with the help of Kuwait Aviation Fueling Company (KAFCO), is working to make sure they adhere to the set rules and regulations.