Publication Date:
Wed, 2011-06-29 01:01
Kuwait’s fourth refinery had been expected to start up in 2016 at an estimated cost of about four billion Kuwaiti dinars ($14.56 billion).
The SPC approval is a major step forward for a project that has been repeatedly delayed by a stand-off between Kuwait’s parliament and government.
“We hope that the regulatory procedures and approvals are clear within the next months,” the minister said.
Kuwait National Petroleum Company (KNPC) operates the country’s three existing refineries which together can process 930,000 barrels a day.
The world’s fourth largest oil exporter plans to increase its refining capacity to 1.4 million barrels a day, and Kuwaiti companies are involved in new refinery projects in Asia.
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