Nov 30 2006 |
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Kuwait industry: KPC may build new refinery in US state of Louisiana
COUNTRY BRIEFING
FROM THE ECONOMIST INTELLIGENCE UNIT
Kuwait Petroleum Company (KPC) and the state of Louisiana in the US signed a memorandum of understanding in November on the possible construction of a new refinery in the US. The two sides have undertaken to study the project, which, if it goes ahead, would be the first new refinery in the US in about three decades. A firm figure on refinery capacity has yet to be determined, as would the cost of the facility. But reports suggest that refinery capacity could be as large as 600,000 barrels/day (b/d), bringing costs possibly as high as US$10bn. US partners for the venture have also yet to be identified, although Louisiana state officials said that a local construction firm, the Shaw Group, was interested in a stake in the venture should it proceed.
Kuwait is already an important player in the world refinery business. At present, it operates three domestic refineries—at Mina Al Ahmadi, Mina Abdullah and Shuaiba. Total capacity at these three facilities around 900,000 b/d. But the Shuaiba refinery is relatively old, and due to be closed when construction of a new 615,000 b/d facility at Al Zour is completed. Earlier this year, KPC requested bids for the Al Zour plant, which is expected to cost in excess of US$6bn. When the Al Zour facility is completed in about 2010, total refinery capacity in the country should be around 1.4m b/d.
Kuwait’s downstream ambitions go further. The country has apparently received Chinese government approval for a planned refinery in Guangdong in China. Reports indicate that the refinery proposal calls for a facility capable of processing around 300,000 b/d of crude. There are also periodically reports that KPC might be interested in investing in India’s refinery sector. Kuwait Petroleum International also has stakes in refineries in the Netherlands and Italy.
SOURCE: Business Middle East
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