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FINANCIAL NEWS
Kuwait’s KNPC delays construction of USD13.3b Al Zour oil refinery
25 Jun 2015
(MENAFN) Kuwait National Petroleum Co (KNPC) has chosen to delay the construction process of the USD13.3 billion Al Zour oil refinery due to higher costs, Arabian Business reported.
Through this decision, KNPC will look for new means to refinance and get more cash to establish the refinery, which, according to reports, will produce diesel, kerosene and naphtha for export and low-sulphur fuel for local power stations.
“We are seeking additional funds to start awarding (contracts). We are already two months behind and we don’t know when we will get the funds,” a spokesman from KNPC said.
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