Quotes: 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
 Jul 31 2015 - Telecoms consider Gulf markets after poor Q2MENAFN
(MENAFN) Gulf stock markets were narrowly mixed yesterday as a series of disappointing corporate earnings reports, especially in the telecommunications sector. Saudi Arabia's main index inched down ...

 Jul 31 2015 - Tunisia cuts own growth estimationMENAFN
(MENAFN) Tunisia has cut its 2015 growth forecast to 0.5% this year, down from an expected 1%, its finance minister said yesterday.Tourism revenues represent about 7% of the economy, and, adding to ...

 Jul 31 2015 - Vodafone Qatar increase plans stay on trackMENAFN
(MENAFN) Vodafone Qatar, which has witnessed a 5% jump in customer base to USD 1.42mn in the first three months of this year.Revenue was down 8% to QR537.9mn and mobile average revenue per user.The ...

 Jul 30 2015 - Egypt- Trial of businessman Ehab Talaat postponedqDaily News Egypt
(MENAFN - Daily News Egypt) The trial of prominent businessman Ehab Talaat was postponed to 26 December on Tuesday for an expert report on the matter.Talaat is being sued by the Al-Ahram Foundation ...

 Jul 30 2015 - Egypt participates in UN counter-terrorism meetingDaily News Egypt
(MENAFN - Daily News Egypt) An Egyptian delegation participated Tuesday in the UN counter-terrorism meeting in the Spanish capital, Madrid, and discussed efforts to tackle militancy.Egypt also ...

 Jul 30 2015 - Egyptian court postpones verdict in Al Jazeera journalists' retrialDaily News Egypt
(MENAFN - Daily News Egypt) A court in the Egyptian capital, Cairo, has postponed the verdict in the retrial of three Al Jazeera journalists, jailed for aiding a terrorist organization with false ...

 Jul 30 2015 - Egypt- 'Will justice be served this Thursday?' (1):JournalistsDaily News Egypt
(MENAFN - Daily News Egypt) An Egyptian court will conclude one of Egypt's most hotly debated cases since the ouster of the Muslim Brotherhood regime in 2013, and one of the longest trials the ...

 Jul 30 2015 - Al-Jazeera re-trial case adjourned to 2 AugustDaily News Egypt
(MENAFN - Daily News Egypt) The Egyptian court was to conclude Thursday one of Egypt's most debated cases since the toppling of the Muslim Brotherhood's regime, also among the longest trial the ...

 Jul 30 2015 - Egypt- Trial against Fatima Naoot continuesDaily News Egypt
(MENAFN - Daily News Egypt) The prosecution at the Sayeda Zeinab Misdemeanour Court decided on Wednesday to postpone the case against Fatima Naoot, who is charged with contempt of religion.In turn, ...

 Jul 30 2015 - Ooredoo Oman profit up 18.7 percent in H1MENAFN
(MENAFN) Omani Qatari Telecommuni-cations Company (Ooredoo), has reported an 18.7 percent increase in its net profit for the first half of this year.The company's revenues for the first half of 2015 ...

more...


 






Google

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help