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KNPC to spend USD 25 bln on oil projects by 2040
November 26, 2018, 8:53 am
The participants in the ceremony to launch of the Kuwait National Petroleum Companys 2040 strategy.

Kuwait National Petroleum Company said Sunday the volume of its current oil projects, part of its 2040 strategic plan, is estimated at about KD 7.6 billion, which equals USD 25 billion.

KNPC aims to increase Kuwait's refining capacity to two million barrels by 2035, KNPC CEO Mohammad AlMutairi told reporters on the sidelines of celebrating the company's launch of its 2040 strategy.

The current refining capacity, with start of operations in Al­Zour refinery, is expected to reach 1.4 million barrels per day, Al­Mutairi 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 to 30,000, and even 130,000 via Al­Zour 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 significant 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 Al­Mutairi.

Source: KUNA

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