In spite of fluctuation in oil markets, establishing new oil refineries are not farfetched, if the keys to their success were made available, the Kuwait Petroleum International Company (Q8) CEO Bakhit Al-Rashidi said Sunday.
There are three key elements for the success of any refinery: it should have a capacity of more than 200,000 barrel a day, it should have complex distillation units and there should be a petrochemical integration, where refineries and chemical plants work together, Al-Rashidi explained.
These remarks where made by Al-Rashidi on the fringes of opening a commemorative monument marking Kuwait's latitude and longitude point, named after the Kuwaiti well-known meteorologist Saleh Al-Ujairi.
He noted that launching this landmark falls under Q8's social responsibility. He further clarified that the company, a subsidiary of a state-owned Kuwaiti company, gives back to the society by holding or organizing events four or five times a year.
Another project the company is working on is the renovation of Al-Shamiya Gate; a gate that holds a historical significance.
Al-Rashidi also added that on a more international level, the company is still working to finishing up with Vietnam project which started in July 2012 and will start operations in the first half of 2017. Indonesian and Chinese projects, he said, are still under negotiations.
On the matter of transferring the management of gas stations in the country from the Kuwait National Petroleum Company to the Kuwait Petroleum International Company, Al-Rashidi responded by saying that "it was still under consideration." Kuwait Petroleum International was established in 1983, to manage the refining and marketing interests of the parent company, Kuwait Petroleum Corporation, outside Kuwait. It was the first company to introduce unleaded petrol into Europe and today is at the forefront of innovations to protect the environment