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Kuwait to go ahead with the largest oil refinery project in the Middle East

14 Oct 2015
963 times

The CEO of the Kuwait National Petroleum, Mohammed Al-Mutairi, said in an interview with the Arabian TV "Al-Arabiya" that the company will go forward in its giant projects, mainly the project to construct Zour refinery at a cost of nearly 5 billion dinars, or about $ 16 billion, this project will be financed by the State of Kuwait only.

This project is considered the largest in the Middle East and Kuwait will proceed in implementing it despite the drop in oil prices and its impact on state revenues.

Mr. Al-Mutairi added that the project is one of the world's largest projects for the oil refinery with a total capacity of 615 thousand barrels per day, and will contribute to increase the refining capacity of 936 thousand barrels to 1.4 million barrels per day when completed in 2019 to meet the growing demand for fuel oil with a low sulfur content products.

He also spoke about petrochemical project to be constructed next to the refinery. Actually investment feasibility study is in progress in order to open the possibility to international investors take part of this project up to 70% of the total needed investments. The project is expected to have a high yield, which encourages international investors to take part of this project.

On the other hand, Al-Mutairi declare that the oil company is also performing another project at a cost comparable to the refinery project, an environmental fuel project, which will allow international investors to take part of the project up to 70% of the total needed investments. The expected return at this project is even higher than 12%. Many governments are interested in this project mainly the Dutch government, South Korea and Japan. The project aims to raise production of refineries of Al-Ahmadi and Mina’ Abdullah and make them compatible with the requirements of the environmental requirements.

He also unveiled a third project to import liquefied gas, investment feasibility study is in progress it will also be available for the international investors (translated from the Arabic language). Source: Alarabiya website.

 

Last modified on Thursday, 15 October 2015 01:22
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