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Kuwait soon to accept bids to build billion dollar refinery project

08th April 2014

Spokesperson from Kuwait Petroleum Corp (KPC) has discussed plans to open the bidding for new refinery in May.

Kuwait soon to accept bids to build billion dollar refinery project
Kuwait soon to accept bids to build billion dollar refinery project

The OPEC member country wants to modernise its downstream sector with a string of new refinery projects and improvements.

“We will invite bids for the new refinery project in May,” said Nezar al-Adasani, KPC CEO, to reporters yesterday at the Gulf Petroleum Forum event. “Another project costing USD 1bn for the development of heavy oil from northern oilfields will be awarded later in April.”

The cost of the new 615,000 barrels per day Al-Zour refinery is estimated to be about USD 15bn.

Former CEO of KPC Faruq al-Zanki said in November 2012 that the emirate had put aside USD 100bn to spend on oil projects.

Adasani said the new projects are needed to achieve Kuwait's strategic target of raising its crude oil production to four million barrels per day by 2020.

Kuwait's current production capacity is 3.3 million bpd and is planned to hit 3.5 million bpd by 2015.

When the two refineries are completed in 2018 the amount crude that can be processed domestically will rise from 1.4 million bpd from 930,000 bpd currently. 

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