Abu Dhabi Stock Exchange leads the region in market value increase

KUWAIT: The Clean Fuels Project is one of the largest and most important projects in the history of the Kuwaiti petroleum sector, as it will position Kuwait among the leading exporters of high quality and environmentally friendly products, reported the Kuwaiti News Agency.

The project is part of Kuwait’s efforts to become a regional economic attraction center and represents a historic milestone that will strengthen Kuwait’s position as an influential and competitive state capable of meeting stringent conditions in various global markets, as well as its global position in oil refining. industry by expanding and modernizing the Mina Abdullah and Mina Al-Ahmadi refineries.

In addition to advanced conversion capabilities, the operational excellence, reliability, safety performance and energy efficiency of both refineries have been greatly improved.

Their own products meet American, European and Asian standards, including Euro-4 and Euro-5.

The equipment and technology used in the execution of this massive project was developed by 199 companies from 23 countries.

Deputy CEO for Administrative and Commercial Affairs of Kuwait National Petroleum Co. and Official Spokesperson, Ahed Al-Khurayif, said that due to the global advancement of the petroleum industry and the variables in different environmental requirements local and global, the company implemented the CFP, which helped revamp the product. specifications in line with required global standards.

According to KUNA, the project reflects the company’s overall strategic vision to become one of the most competitive and advanced refining companies in the world and manifests the optimal utilization of the country’s petroleum resources as one of the main objectives. of Kuwait Petroleum Corp.

Al-Khurayif estimates that the CFP’s investments would be KD 4.68 billion (about $15.2 billion), citing the financing process as the largest in the history of Kuwait’s oil industry.

According to the company official, KPC financed 30% of the project’s capital expenditure, while the remaining 70% was financed from foreign sources.

Due to the massive size of the project, it was divided into three main parts, each of which was carried out by a consortium of international companies, Al-Khurayif said.

Following the successful completion of the project, the refining capacity of the Mina Abdullah and Mina Al-Ahmadi refineries increased to 454,000 and 346,000 barrels per day, respectively, according to the official.

The quantity of 800,000 bpd, combined with the planned production capacity of 600,000 bpd from the Al-Zour oil refinery, will bring the total refined oil to 1.4 million bpd, realizing the best value added and the the highest possible revenues from hydrocarbon resources, Al-Khurayif boasted.

One of the main objectives of the project is to increase the conversion capacity of the company’s refineries by converting low quality heavy products into high quality products.

Thanks to products that meet the Euro-4/Euro-5 standards, the environmental impact is significantly reduced due to the significantly lower content of SOx, NOx and other pollutants.

The sulfur content in gasoline, for example, will be reduced from 500 ppm to 10 ppm, and in diesel from 5,000 ppm to 10 ppm, he added.

In addition, KNPC is now ready to produce marine fuel oil containing 0.5 percent sulfur in accordance with the 2020 requirements of the International Maritime Organization, he added.

Al-Khurayif said the CFP is one of the strategic projects that serve Kuwait’s Vision 2035 by providing employment opportunities to Kuwaiti nationals.

Since its inception, the project has created about 800 jobs for Kuwaiti nationals while developing their capacities and skills, he said, adding that internal and external trainings have been organized for about 650 newly recruited employees. Nationals represent at least 30% of the workforce per contract.

Local spending was one of the key aspects of the project, Al-Khurayif said, with its contractors spending a total of KD 1.1 billion in the local market during all phases of execution.

In terms of environmental significance, he said the company’s products meet the strictest global environmental specifications and the project meets the needs of local power plants for clean, low-sulphur fuel, thereby reducing environmental risks. .

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