PHOTO
OPEC oil producer Kuwait has extended bidding for the sale of the now-defunct Shuaiba oil refinery for more than a week, a local newspaper said on Sunday.
The government-owned Kuwait National Petroleum Company (KNPC), the Gulf emirate’s downstream arm, had set June 1 as a deadline for entering an auction to sell the assets of the refinery, which it decided to retire in March 2017.
“KNPC has extended bidding to June 10 at the request of many companies wishing to enter the auction,” the Arabic language daily Alanba said, citing KNPC sources.
It said KNPC would auction nearly 75 units of the refinery, which was commissioned in mid 1960s, including petrol processing equipment, pumps, pipes, water and petrol tanks, boilers, and other items.
Kuwait decided to dismantle Al-Shuaiba, one of the region’s oldest refineries, after embarking on the massive Clean Fuel Project, which aims to nearly double the country’s refining output to nearly 1.4 million bpd.
The project involves the expansion of Mina Abdullah and Al-Ahmadi refineries and the construction of Al-Zour Refinery in South Kuwait with a capacity of 615,000 bpd, one of the world’s largest oil refining facilities.
(Writing by Nadim Kawach; Editing by Anoop Menon)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021
