Major oil trader Glencore and…
Oil prices rose on Friday…
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.
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
Joao is a writer for Oilprice.com