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FINANCIAL NEWS
Kuwait’s Supreme Petroleum Council to decide on Al Zour refinery
24 Jun 2011
(MENAFN) Kuwait Oil Company’s chairman, Sami Al Rushaid, said that in order for the country to meet its domestic needs of fuel, this July, the country’s Supreme Petroleum Council would meet to take a decision for establishing a new refinery, reported Times of Oman.
Al Rushaid added that the refinery would be Kuwait’s fourth one; moreover, the government might give a share of the new refinery to the private sector.
He also said that two years ago, the the USD15 billion Al Zour refinery project was postponed since the country signed letters of intent with international companies.
It is worth noting that in order to increase the role of private investment; Kuwait will probably establish the new refinery in the form of a public shareholding company.
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