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Oil Markets Turn Bearish Ahead Of OPEC Meeting

Oil Markets Turn Bearish Ahead Of OPEC Meeting

Oil prices fell on Tuesday…

Global Energy Advisory - June 15th 2018

Global Energy Advisory - June 15th 2018

Oil markets are on edge…

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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