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 1 2014 - Kuwait to host 23rd Gulf Cup of NationsArab Times
(MENAFN - Arab Times) KUWAIT CITY Sept 30 (KUNA): Kuwait will host the 23rd edition of the Gulf Cup of Nations Kuwait Football Association (KFA) Secretary General Saho Al-Saho said Tuesday. Al-Saho ...

 Oct 1 2014 - Abu Dhabi airport's passenger traffic up 24.8 percent in AugustMENAFN
(MENAFN) Abu Dhabi International Airport's passenger traffic increased by 24.8 percent in August compared to the same month last year, with a total of 1.920.934 passengers passing through the airport ...

 Oct 1 2014 - US Mondelez International to invest USD90m in plant in BahrainMENAFN
(MENAFN), the packaged food company, announced it is planning to build a USD90 million biscuit plant in Bahrain, which will help the company reduce costs and meet growing demand for its biscuits, ...

 Oct 1 2014 - Oman interested to invest in CyprusMENAFN
(MENAFN) Oman's Minister of Oil and Gas said that the country is very interested in investing in Cyprus, particularly in the field of research and exploitation of natural gas, Muscat Daily ...

 Oct 1 2014 - Emirates to launch new Dallas flightsMENAFN
(MENAFN) Emirates announced it has launched its first scheduled A380 daily service to Dallas Fort Worth International Airport, Gulf Business reported.The airline said it expects that the business ...

 Oct 1 2014 - Dubai Development Co. considering several offers of merger or acquisitionMENAFN
(MENAFN) Dubai Development Co, the company responsible for the Mirdif area of the emirate, announced it is considering several external offers of merger or acquisition, Arabian Business reported.The ...

 Oct 1 2014 - Etihad Rail starts on second phase of USD11bn UAE rail networkMENAFN
(MENAFN) Etihad Rail, the UAE's railway developer, announced it is set to secure government funding and award contracts for the construction of the second phase of its USD11 billion national rail ...

 Oct 1 2014 - Omani Renaissance awards 2 contracts for Duqm construction projectMENAFN
(MENAFN) Renaissance Services announced it has awarded the contractors S&T and Al Hajiry two main construction contracts in the Duqm permanent accommodation (PAC) project, Times of Oman reported. ...

 Oct 1 2014 - Oman's PEIE, Italian firm ink consultancy for Ibri projectMENAFN
(MENAFN) The Public Establishment for Industrial Estates (PEIE) announced it has signed consultancy agreements with F&M Ingegneria Spa, the leading Italian engineering consultancy firm to develop the ...

 Oct 1 2014 - ISIL militants advance in N. Syria - SHORKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Islamic State in Iraq and the Levant (ISIL) have crushed the Kurd defenses in the rural areas around Ayn Al-Arab city, known in Kurdish as Kobani, near ...

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