Kuwait National Petroleum Company (KNPC) announced on Wednesday that establishment of facilities for imported liquefied natural gas in Al-Zor would cost up to USD 2.9 bn.
The KNPC Chief Executive Officer, Mohammad Al-Mutairi, speaking at a news conference, after signing a contract for launching the mega project, said the overall cost is projected at USD 142 m for engineering, USD 965 m for importing and USD 1.67 bn for construction.
The project encompasses building wide-scale installations for importing 3,000 British thermal units per day of liquefied natural gas to meet the mounting local consumption demand, he said as quoted by KUNA.
The venture is of high economic feasibility for it will help in cutting consumption of costly fuel and environmental contamination.
It is forecast to be fully operational by Q1, 2021.