Kuwait Petroleum Corporation buys gasoline from global market

KPC has resorted to buying gasoline from the international market at a value of about $450mln during the last fiscal year 2019/2020

  

KUWAIT CITY: The Kuwait Petroleum Corporation (KPC) has resorted to buying gasoline from the international market at a value of KD 135 million (about $ 450 million) during the last fiscal year 2019/2020 in conjunction with the increase in local consumption of gasoline and the delay in the implementation of some capital projects that include establishing gasoline production units in oil refineries, reports Al-Anba daily.

According to informed oil sources, the Kuwait National Petroleum Company (KNPC) has borne the cost of importing the gasoline product worth $1 billion as a result of the delay in the implementation of the environmental fuel project during the two-year period from April 2018 to March 31, 2020. The company aspires to meet the current needs of the local market after operating the gasoline production units within the environmental fuel project at Mina Al-Ahmadi and Mina Abdullah refineries soon.

These and other observations were monitored by the State Audit Bureau for the activities of the KPC and its subsidiaries for the overall performance of the past fiscal year. It said that KPC has resorted to purchasing petroleum products from international markets as a result of increased demand in the local market and its inability to provide these quantities due to the delay in executing some major capital projects from the development of refineries or the sudden stop of production units.

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