Kuwait-Mubasher: Kuwait National Petroleum Company (KNPC) is expected to achieve 11.5% annual profits from the total value of its Clean Fuels Project (CFP), in line with the accomplishment of 36.9% of the project, said Khaled Saleh Al-Asousi, deputy CEO of Support Services.
The project will be financed 30% internally and 70% from external sources, Al-Asousi said, noting that the petroleum corporation secured the first financing contract with a value of KWD 4 billion.
The private sector’s share of the project will reach KWD 1 billion, of which KWD 800 million are already agreed on contractually, said the deputy CEO.
On another note, Al-Asousi declared that Shuaiba Refinery will be shut down as of April 2017; however, its facilities will be used as reservoirs for the CFP.
The director of the project presented the budget and included that KWD 982 million was spent so far.
