KUWAIT, June 23 (KUNA) -- Kuwait National Petroleum Company (KNPC) producing projects are valued at KD 1.5 billion, KNPC Deputy Managing Director for Planning and Local Marketing Bakhit Shabib Al-Rashidi revealed Thursday.

Speaking to reporters on the sideline of the annual forum for local marketing and planning departmetns held here, Al-Rashidi said: "The KNPC plans new projects at in the FY 2011-2012 to the value of KD 0.5 billion." "There is no shortage in oil or gas products on the local market, he said, confirming at feulling stations are reguarlary supplies with their demands by the company," he affirmed.

The KNPC official revealed that there is tendecy for privatizing fuelling stations nationwide soon.

"The company is currently planning to execute several large-scale dynamic projects, namely a fourth refinery, the production of environmentally-friendly fuel, a further two pipelines for liquefied gas, the removal of acidic gases project, and others on the way," he said.

He also note that Kuwait is trying to increase the value added of its energy prodcuts through setting up new refineries and carrying out the marketing on local and foreign markets.

The company posted high profits estiamted at KD 462 million in FY 2010-2011 and met the targeted production rate of 892 thousands barrels a day.

The state-owned KNPC has been carrying out the role of refining crude since 1960.

Its roles also include liquefying gas and marketing oil products on the local scale through the three refineries of Al-Ahmadi Port, Al-Shuaiba and Abdullah Port.

The joint refining capacity of Kuwait is around 940,000 barrels per day, while the production capacity of liquefied gas is 1,680 million sq feet a day.

Thanks to modernised equipment used at these refineries, KNPC produces around 30 different types of petroleum derivatives, like kerosene, petrol and diesel, among others.

The company's total commitment to providing the highest standards has resulted in exceptional accomplishments in recent years in addition to significant improvements regarding its regulations on health, safety and the environment.