Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait's crude output capacity rises to 3.3 mln bpd a€ KPC CEO  Join our daily free Newsletter

MENAFN - Arab Times - 09/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Kuwait has increased its oil production capacity to 3.3 million barrels of oil a day (bpd) and is hoping to reach 3.5 million bpd in 2015, the head of its state oil company said on Monday. Kuwaiti officials have previously said that capacity in the OPEC member state was around 3.1-3.2 million bpd. "Kuwait has increased its production capacity to 3.3 million barrels per day. It will reach 3.5 million barrels per day by 2015," Kuwait Petroleum Corporation Chief Executive Nizar al-Adsani told an oil conference. Kuwait hopes to reach 4 million bpd of capacity in 2020, despite slow progress in developing new projects. But Adsani said the Gulf Arab state needed more help from abroad to achieve that target



"There is an urgent need to seek the assistance of foreign companies given the technologies and expertise that will contribute to the rationalisation of the use of the natural reserves we have," he said. OPEC member Kuwait will invite bids for a new multi-billion-dollar oil refinery next month as part of a drive to modernise the key sector, a top executive said on Monday. "We will invite bids for the new refinery project in May," CEO of national conglomerate Kuwait Petroleum Corp (KPC) Nezar al-Adasani said. "Another project costing 1.0 billion for the development of heavy oil from northern oilfields will be awarded later in April," Adasani told reporters on the sidelines of the second Gulf Petroleum Forum. The cost of the new 615,000 barrels per day Al-Zour refinery is estimated to be around 15 billion (11 billion euros). Contracts for another 12-billion project to upgrade two of the three existing refineries, awarded in February, will be signed next week with three consortia led by British, US and Japanese companies



Revenues

Kuwait has been working to modernise its oil sector which provides around 94 percent of public revenues. Meanwhile, Kuwaiti Oil Minister Ali al-Omair said Monday that current oil prices are "fair" despite strong geopolitical factors impacting the region. OPEC member Kuwait is the world's fourth-largest oil exporter, pumping around 3.0 million barrels per day, of which at least 2.6 million bpd are exported in the form of crude oil and petroleum products. "There are geopolitical factors impacting oil prices... which are not only controlled by output levels and production capacity but also by political changes," Omair told reporters on the sidelines of the second Gulf Petroleum Forum. "We, as exporters and importers, wish to see stability in production and prices," he said, voicing hope that prices would remain "fair" as "they are now". The Kuwaiti minister said that it is not necessary that "high prices are good for producers and low prices are good for consumers"



Crude prices dropped in Asian trade Monday after rebels agreed to reopen two of the four blockaded oil terminals in eastern Libya. New York's main contract West Texas Intermediate (WTI) for May delivery dropped 30 cents to 100.84 a barrel in afternoon trade and Brent North Sea crude for May slid 80 cents to 105.92. Omair said that political disputes between member states of the Gulf Cooperation Council (GCC) have not affected the joint oil policy of the six-nation alliance. Last month, Saudi Arabia, United Arab Emirates and Bahrain recalled their ambassadors from Qatar over Doha's perceived support for the Muslim Brotherhood

 


Arab Times




  MENA News Headlines
 Oct 30 2014 - UAE- Hawaii lava flow reaches home threatens townKhaleej Times
(MENAFN - Khaleej Times) Red-hot lava from a slow-erupting volcano has reached a home on Hawaiis Big Island and is threatening an entire town emergency officials said Tuesday. The lava flow from ...

 Oct 30 2014 - UAE- Slow-moving lava creeps closer to Hawaii homesKhaleej Times
(MENAFN - Khaleej Times) A branch of the molten stream was less than 100 yards (90 meters) from a two-story house.This photo provided by the US Geological Survey shows the lava flow from Kilauea ...

 Oct 30 2014 - UAE- Mudslide buries Sri Lanka tea labor quartersKhaleej Times
(MENAFN - Khaleej Times) The military has mobilized troops to help in the rescue operations. Colombo Sri Lanka: A mudslide in central Sri Lanka has buried several rows of workers’ houses at a ...

 Oct 30 2014 - UAE- 10 people killed 200 missing in Sri Lanka after mudslidesKhaleej Times
(MENAFN - Khaleej Times) A local hospital source said that two men and a woman rescued from the mud had been brought in for treatment. Colombo: Around 200 people were reported missing and 10 ...

 Oct 30 2014 - UAE- Heavy rains continue in Telangana two deadKhaleej Times
(MENAFN - Khaleej Times) Two women both sisters were washed in the swirling waters of a rivulet near Madgula village in Guntur district of Andhra Pradesh as heavy rains caused by Cyclone Nilofar ...

 Oct 30 2014 - UAE- Magnitude 6.1 earthquake hits near Samoa: USGSKhaleej Times
(MENAFN - Khaleej Times) A police spokeswoman in the capital Apia told Reuters by telephone that the quake had not been felt in the city and that she was unaware of any damage. Sydney: A 6.1 ...

 Oct 30 2014 - Ottawa shooting was madmans last desperate act says motherKhaleej Times
(MENAFN - Khaleej Times) Susan Bibeau said her estranged son had wanted to travel to Saudi Arabia to study Islam and the Quran not Syria to join militant fighters. Michael Zehaf-Bibeau killed by ...

 Oct 30 2014 - UAE- Kidnapped women used by Boko Haram on front line: Rights groupKhaleej Times
(MENAFN - Khaleej Times) Suspected militant fighters kidnapped about 30 children including girls as young as 11 in Borno state at the weekend. Lagos: Boko Haram has used kidnapped young women and ...

 Oct 30 2014 - Ottawa gunman made video before attack: PoliceKhaleej Times
(MENAFN - Khaleej Times) Michael Zehaf-Bibeau who was shot dead by police in the parliament in Ottawa after killing a soldier Wednesday was mentally ill and wanted to die his mother wrote in a ...

 Oct 30 2014 - UAE- Nepal bus crash kills 14 injures dozens: PoliceKhaleej Times
(MENAFN - Khaleej Times) Among those killed Friday were two people including a woman who was part of a group heading to the Langtang trekking area. Katmandu: A Nepal bus packed with people ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help