Mubasher: The Kuwait National Petroleum Company (KNPC) is planning to invest around $25 billion over the next 23 years.
State-run KNPC is currently setting up projects worth $22 billion, targeting total investments of $47 billion as part of the 2017/2040 Vision.
The refinery sector’s strategy aims to raise production to 1.4 million barrels per day (bpd) in 2020, to 1.7 million bpd in 2025, and to 2 million bpd in 2035, CEO of KNPC Mohammad Ghazi Al-Mutairi told Alrai Newspaper.
The Kuwait company is considering the construction of a sixth unit to produce liquefied petroleum gas (LPG) by 2025, Al-Mutairi indicated, noting that the total production capacity for gas processing in Kuwait will reach 3.8 billion cubic feet per day.
The company will need to build a seventh unit in case its production grows to reach an output capacity of nearly 4.6 trillion cubic feet per day, he pointed out.
Al-Mutairi remarked that KNPC’s 2040 Vision is based on maximising the value of hydrocarbon sources in Kuwait through producing high-quality fuel that meets the demands of local and global markets and capturing an international position in the refinery industry by achieving high operational and financial levels.
