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FINANCIAL NEWS
Kuwait approves Al Zour refinery construction
29 Jun 2011
(MENAFN) Kuwaiti Oil Minister, Mohammad Al Busairi, stated that the country’s Supreme Petroleum Council (SPC) gave its approval of the construction of Al Zour refinery, reported Gulf Daily News.
Al Busairi also said that the refinery had been delayed for a long time on issues between the government and the parliament. He pointed out that it would be Kuwait’s fourth refinery.
The Minister added that the refinery would cost around USD14.56 billion and was expected to begin production in 5 years.
It is worth noting that the fourth refinery would raise Kuwait’s oil production to 1.4 million barrels per day from 930,000 bpd. Kuwait is currently the world’s fourth largest oil exporter.
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