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State-owned Kuwait National Petroleum Company (KNPC), the OPEC producer’s downstream investment arm, is planning to pump nearly 1.3 billion Kuwaiti dinars ($4.2 billion) into new projects as part of its long-term development strategy stretching until 2040, a newspaper reported on Wednesday.
KNPC has just updated the strategy to include new projects which could comprise more gas facilities, upgrading refining production and building of scores of new petrol pumps, the Arabic language daily Alanba said, quoting official sources.
“The sources affirmed that KNPC has updated its 2040 strategy to include new projects and initiatives that will achieve all targets set in that strategy,” the paper said.
New projects will lift the Gulf country’s domestic crude refining output to 1.6 million barrels per day by 2025, increase gas production and ensure greater local private sector participation in the hydrocarbon projects, the report said.
It quoted the sources as saying KNPC has chalked out a plan for “gas treatment” and that there could be a need for the construction of a sixth LPG production unit and additional petroleum products storage facilities.
“KNPC’s new strategy also confirmed plans to build 181 petrol stations to cater for domestic demand until 2040,” the report said, adding that 18 stations have already been constructed through the emirate.
(Writing by Nadim Kawach; Editing by Anoop Menon)
