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FINANCIAL NEWS
Kuwaiti petrol firm to fully finance USD15.9b new refinery
13 Oct 2015
(MENAFN) Kuwait’s National Petroleum Company (KNPC) is set to sign the main contracts granted to firms to construct the USD15.9 billion Al-Zour oil refinery.
The building of the 615,000 barrel per day refinery could be a major lift to Kuwait’s economy, which has reduced due to political tensions and low oil prices.
That project is aimed at promoting and growing two of Kuwait’s biggest refineries to focus on producing higher-value goods for export, such as diesel and kerosene.
The firm will finance 70 percent of the project externally and the other 30 percent would be funded internally through the Kuwait Petroleum Corporation.
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