Total investment until 2022 amounts to KD 12.630 bn

GMT 02:54 2016 Thursday ,19 May

Arab Today, arab today Total investment until 2022 amounts to KD 12.630 bn

Kuwait National Petroleum Corporation
Kuwait - WAM

Kuwait National Petroleum Corporation's (KNPC) total investment until the year 2022 amounts to KD 12.630 billion, deputy director of the company's projects Abdullah Al-Ajmi said on Wednesday, adding the investments include various key projects.

In a statement to the press on the sidelines of a seminar organized by an oil committee, Al-Ajmi said that the sum allocated for the company's warehouses in the area of Al-Mutlaa ranges between KD 350 to 400 million.

Moreover, Al-Ajmi noted that KNPC's planned Clean Fuel Project (CFP) is 53% completed as of last April and 55% finished by the end of the month, adding that the project's completion is expected to be around 75% by the end of the year.

Meanwhile, Al-Ajmi revealed that a second reactor has been installed in Al-Ahmadi port, noting that a total of 11 tools have been purchased for the port, with two of them already installed, while the remaining ones would be configured shortly.

The deputy director of KNPC's projects also noted that a pair of electrical grids, part of numerous planned projects, has been activated with the aim of augmenting the CFP project, adding that those grids would fuel the CFP project.

In a series of seminars put together by KNPC, Al-Ajmi disclosed some of the company's strategies to boost reliance on renewable energy, with the aim of producing 1.4 million per barrel on a daily basis to cope with local and international energy needs.

Al-Ajmi quoted by KUNA as saying that the goal for the CFP project is to provide local and international markets with oil products that meet adequate supply, while being in line with environmental standards.

He also added that work is in progress to modernize and develop Al-Ahmadi and Abdullah ports, part of efforts to bolster economic growth in the country.

Source :WAM

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