Kuwait’s KNPC to invest $42bn in new projects by 2022

The firm’s planned Clean Fuel Project is expected to be 75 percent complete by the end of the year
Kuwait’s KNPC to invest $42bn in new projects by 2022
By Yasmin Al Heialy
Thu 19 May 2016 11:03 AM

Kuwait National Petroleum Corporation’s (KNPC) total investment on projects - including a new refinery and a clean fuels project – will reach $42 billion by 2022, the deputy director of the company’s projects, Abdullah Al Ajmi, announced on Wednesday during a seminar organised by an oil committee.

He said KNPC’s planned Clean Fuel Project (CFP) was 53 percent completed as of April and will be 55 percent finalised by the end of the month. The project is expected to be 75 percent complete by the end of the year, the state KUNA news agency reported.

Other investments include various key projects such as the expansion of the Mina Al Ahmadi and Mina Abdullah refineries, with a focus on producing high-grade products such as diesel fuel and kerosene for exports.

Two years ago, it was reported that as part of KNPC’s refinery upgrade plans, the capacity of the Mina Al Ahmadi refinery will drop to 347,000 barrel per day (bpd) from 466,000, while Mina Abdullah's will rise to 454,000 bpd from 270,000.

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