Wednesday, Aug 24, 2011
BEIRUT (Zawya Dow Jones)--State-run Kuwait Petroleum International, or KPI, is expected to start implementing a refinery joint venture in Vietnam in the fourth quarter of the current year and has allocated $5.2 billion for the project, Kuwait-based Al Anba daily reports Wednesday citing an executive.
The project, which is likely to be completed by 2014, will have a production capacity of 200,000 barrels a day with the potential for future expansion, an unnamed KPI official, said according to the paper.
The board of directors of KPI's parent Kuwait Petroleum Corp. held a meeting earlier this week headed by Kuwait's oil minister Mohammad Al Baseeri to discuss the project, the executive said, adding that the board has given the green light to KPI to speed up the implementation of the project considering its high economic feasibility, the daily reports.
The Kuwaiti government and Japan's Idemitsu Kosan Co. each will hold a stake of 35.1% in the project, a Vietnamese state-run company will own a 25.1% stake, while the remaining 4.7% will be held by the Japanese firm Mitsui, Al Anba cites the person as saying.
Newspaper website: http://www.alanba.com.kw/AbsoluteNMNEW/templates/economy2010.aspx?articleid=221621&zoneid=17&m=0
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
24-08-11 0629GMT
