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Iran’s 14 Billion-Barrel Oil Field Comes Online

Iran’s 14 Billion-Barrel Oil Field Comes Online

The South Pars offshore field…

Oil Has Room To Fall As Speculators Bail On Bullish Bets

Oil Has Room To Fall As Speculators Bail On Bullish Bets

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Kuwait National Petroleum Company to Invest $32 Billion by 2019

As part of a huge expansion plan the Kuwait National Petroleum Company (KNPC), the downstream refining division of the Kuwait Petroleum Company (KPC), has announced that it will invest $32 billion in several large projects by 2019.

According to the acting corporate planning manager Khaled al-Khayyat, the projects will include a permanent LNG importing facility, increasing the current import capacity from 500 million standard cubic feet a day (scfd) to 3 billion scfd.

An expansion to their crude oil refining facilities will also increase refining capacity from the current level of 936,000 barrels a day, to 1.4 million barrels a day.

Related Article: Countries Start to Resume Trade with Iran Using Gold to Avoid US Sanctions

Farouk al-Zanki, the CEO of the Kuwait Petroleum Company, also stated that they will invest a total of $100 billion in a few major projects, which include the construction of three world class refineries in the Far East.

The Kuwait Oil Company, the upstream division of the KPC, also plans to invest $40 billion over the next six years, which Mazen Al-Sardi, KOC deputy managing director for Technical Services, says will help achieve the goal of increasing Kuwait’s overall sustainable oil production capacity.

By. Joao Peixe of Oilprice.com



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