KUWAIT– Minister of Oil Bakheet Al-Rashidi said that up to USD 5 billion are due soon from world banks for the financing of Oman’s Duqm Refinery, a joint venture of Oman Oil Company (OOC) and Kuwait Petroleum International (KPI).
Work on the projects is expected to be launched mid-2018, Al-Rashidi, who doubles as Minister of Electricity and Water, told well-wishers congratulating him on being entrusted with the ministerial portfolio.
In the meantime, the minister stressed the necessity of focusing on the implementation of the Kuwait Petroleum Corporation (KPC) that seeks to raise Kuwait’s oil production capacity to 4.750 million barrels per day (bpd) by 2040, instead of 4 million (bpd) by 2030.
The 2040 strategy is expected to be approved soon by the KPC’s board, then it will be referred to the Supreme Petroleum Council, he said.
On resuming production from the Partitioned Neutral Zone (PNZ) shared with Saudi Arabia, the minister noted that consultations on technical aspects are underway with partners, voicing optimism on concluding solutions soon.
Referring to the joint Nghi Son Refinery project with Vietnam, he said minor units have already been operated. Full commercial operation of the facility is expected during the first half of 2018.
Source: Kuwait News Agency