State-owned Kuwait National Petroleum Company (KNPC) is planning to issue tenders for the construction of 26 giant oil storage tanks in the Northern Al-Mutla area, a local newspaper reported on Monday.
The project, which is intended to meet growing petroleum products consumption in the Gulf OPEC member, has an estimated cost of about 480 million dinars ($1.58 billion), Arabic daily Al-Anba said, quoting Abdullah Al-Ajmi, KNPC's Deputy CEO for projects.
"We are about to complete work for the preparation of tenders for this project and we will soon obtain approval for its budget," he said.
Kuwaiti officials have said Al-Mutla tanks project, part of the multi-billion-dollar Clean Fuel Project, will have a storage capacity of 750 million litres of refined oil products, including petrol, kerosene and diesel, and is expected to be completed in 2019.
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