Oct 04 2011 |
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Kuwait KPI To Boost Jet Fuel Sales, Expand In Eastern Europe-Report
Tuesday, Oct 04, 2011
BEIRUT (Zawya Dow Jones)--State-run Kuwait Petroleum International , or KPI , has allocated an operating budget of nearly $1.79 billion for fiscal year 2011/2012 which will be mainly used to boost its aviation fuel sales and to expand in Eastern Europe through diesel distribution stations, Kuwait-based Al Jarida daily reports Tuesday citing an executive.
KPI is currently developing a plot of land in Naples, Italy, where its refinery was located in order to recover the land's value in the future, Hussein Ismail, the company's chairman, told the paper. The Naples refinery was closed in the 1990s for environmental and economic reasons, Ismail told Al Jarida.
KPI doesn't intend to sell its refinery in Rotterdam in the Netherlands but it has set up a plan to develop and modernize it, Ismail told the newspaper. The company has completed the relating feasibility study and will take the appropriate decision, he added.
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
(END) Dow Jones Newswires
04-10-11 0555GMT
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