| 11 Oct 2008 |
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Kuwait: KPC plans investments and projects worth KD20bn in the next five years
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Kuwait Petroleum Corporation (KPC)Kuwait Petroleum Corporation (KPC)
, Kuwait top state oil company, plans investments and projects worth KD20bn in the next five years, an official said. The investment figure is higher than an earlier estimate given by Kuwait's oil Minister Mohammad Al-Olaim, who said in June the OPEC producer would spend US$55bn on oil projects over the next five years. The amount included KD5bn designated for a planned upgrade of Kuwait's Mina Abdullah and Mina Al-Ahmadi refineries. State refiner Kuwait National Petroleum CompanyKuwait National Petroleum Company (KNPCKNPC), a unit of KPCKPC, said in July it planned a tender to boost capacity of the two refineries to 800,000 barrels per day from 600,000 bpd which might be worth as much as KD4bn. The projected KPCKPC budget through to 2013 also includes KD4bn to build the 615,000 bpd Al-Zour refinery.Kuwait Petroleum Corporation (KPC)Kuwait Petroleum Corporation (KPC)
has offered 50,000 tons of naphtha for early November lifting, only days after selling an early October cargo at a discount, its tender document showed. The full-range naphtha will load from Mina Al-Ahmadi on November 1-4. Bids were to be submitted by October 2, and valid until the next day. KPCKPC had recently sold 50,000 to 75,000 ton of naphtha for October 6-7 lifting at a discount of US$6.00 a ton to Middle East quotes.
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