Kuwait National Petroleum Company (KNPC) will spend $35 billion on expansion and development projects in the next five years.
The company’s chief executive officer, Mohammad Ghazi Al-Mutairi said this at the third Kuwait Oil and Gas Summit and Exhibition last Tuesday.
“At the forefront of these projects came the multi-billion dollar clean fuel project, the new Al-Zour refinery, the fifth natural gas plant and the construction of new liquefied natural gas import facilities,” said Al-Mutairi.
Al-Mutairi highlighted the impact of Kuwait’s oil products on the competitive global market.
“These projects would help Kuwaiti products enter new international markets thanks to its high quality and competitiveness and give a push to national economy and development in the country,” said Al-Mutairi.
The KNPC signed $12 billion worth of clean fuel projects with three international consortia this week. The aim is to upgrade and expand two KNPC refineries at Mina Al-Ahmadi and Mina Abdulla, transforming them into integrated merchant refining facilities that meet world and oil industry standards. Their refining capacity will also be ramped up to 800,000 barrels a day.
Al-Mutairi said that for any of such projects to succeed, there must be executive programs that include deadlines and independent evaluations for each stage of the project. He went further by saying that the KNPC hires highly-skilled international professionals to implement the latest project management execution approaches.
Al-Mutairi alluded that the world’s oil refining map would change in a few years in light of North America’s new position as net exporter of oil products.
