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FINANCIAL NEWS
Kuwait’s KNPC to invest USD40b on new refinery
25 Nov 2014
(MENAFN) Kuwait National Petroleum Co (KNPC) said that it is planning to spend USD40 billion on a number projects including a new refinery and a clean fuels project, which it will begin working on in the period from this year till 2022, The Peninsula Qatar reported.
The company said that new refinery, which is due to be completed in 2019, will be the largest in the Middle East with a capacity of 615.000 barrels per day (bpd).
Kuwait, which currently has three refineries with a combined capacity of 930,000 bpd, said that it will close its oldest, Shuaiba, which has a capacity of 200,000 bpd after Al Zour goes on stream.
Meanwhile, KNPC said that the Clean Fuels Project would include the expansion and modernizing of the Mina Al Ahmadi and Mina Abdullah refineries, with a focus on producing high quality products such as diesel fuel and kerosene for exports.
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