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KPC: Kuwaiti oil projects overseas bring high, safe revenues
December 2, 2017, 8:06 am
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Kuwait Petroleum Corporation (KPC)'s CEO Nizar Al-Adsani has said that the Kuwaiti oil projects overseas bring in rewarding and safe revenues for the state, in line with the KPC strategy.

Al-Adsani made the statement Thursday during a meeting with Petrovietnam's chairman during a visit to the Vietnamese capital of Hanoi, the Kuwait Petroleum International (KPI), a KPC affiliate, added in a press statement.

The KPC top official is inspecting the latest developments of the joint Nghi Son Refinery project. According to the release, Al-Adsani lauded KPI's efforts, vital projects and active partnerships serving the strategy of KPC and its subsidiaries.

He said that KPI focuses on high-growth markets in Asia, appreciating the company's staff for their tireless efforts to expand the refining capacity. For his part, KPI's CEO Bakheet Al-Rashidi reiterated the company's keenness on enforcing the local ecological laws in the construction, operating and management of the Nghi Son Refinery.

He commended efforts by the Petrovietnam's chairman and the official agencies for streamlining measures related to the project. A KPC's high-profile delegation is on an inspection visit to the refinery project, including a host of the corporation's board of directors and KPI DCEO for Asian operations Ghanim Al Otaibi.

They will also inspect work at the first fuel service station of the "Idemitsu Q8 Petroleum Co Ltd." Nghi Son Refinery will be among the largest in Asia, with a capacity of 200,000 barrels of Kuwaiti crude daily. It is expected to be commercially operated by mid-2018. The project is located in the Nghi Son region, about 200 kilometers south of Hanoi.

KPI and Japan's Idemitsu Kosan each owns 35.1 percent of the Idemitsu Q8 Petroleum Co Ltd, while Petrovietnam (the Vietnamese government) owns a share of 25.1 peremnt. The rest 4.1 percent is owned by Japan's Mitsui Chemicals.

Source: KUNA

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