Aug 25 2005 |
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Kuwait Petroleum Corporation Targets Expansion, Nods Multiple Oil Projects
Mega projects for KOC, PIC OK'dKuwait City - Kuwait Petroleum Corporation's (KPC) Board in its meeting Tuesday approved a number of oil projects for KPC and its affiliate companies to be floated in the next few days, say reliable oil sources.A mega project for Kuwait Oil Company (KOC) and another for Petrochemical Industries Company (PIC) are among the important projects, add the sources.
KPC's board agreed to increase the fund previously allotted for the KOC's project of Exports Ports based on a recommendation referred to KPC by the company, say sources. During the process of studying offers submitted for this project KOC found a big difference in the amount allocated for the project and the offers received, they explain, adding the prices were very high compared to the amount allotted.
The board's approval of funds for the project will enable KOC to award this project to the best qualified company, say sources. Korean, Spanish and Italian companies are competing for the project, they add.Meanwhile, KPC sources point out operations of the Oil Refinery of Rotterdam, Holland, being managed by Kuwait Petroleum International Company ( KPIC ) may extend to more than two days for safety of the refinery.Explaining "inspection procedures" may take more than two days in light of the defect which occurred, sources said safety and security is of prime importance.
Operations will commence immediately if repair work is carried out as per schedule, they add while confirming the refinery has a capacity of 80,000 barrels per day.In another development, one of the units of the Mina Abdullah Refinery having a capacity of 80,000 barrels per day will be closed next month together with some other units for 20 days due to maintenance work, says Director of Technical Services in Mina Abdullah. The total capacity of the Mina Abdullah Refinery currently stands at 270,000 barrels per day, he adds.
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