Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

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

MENAFN - Arab Times - 15/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Wait city april 7 (agencies): 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 615000 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
 Dec 21 2014 - Saudi- Muhammad Ali hospitalized with mild pneumoniaArab News
(MENAFN - Arab News) LOUISVILLE: Boxing legend Muhammad Ali was in stable condition after being hospitalized with a "mild" case of pneumonia his spokesman Bob Gunnell said.The 72-year-old Ali was ...

 Dec 21 2014 - Al-Naimi is 'confident' oil prices will improveArab News
(MENAFN - Arab News) ABU DHABI: Petroleum and Mineral Resources Minister Ali Al-Naimi said he was confident world prices would improve after a slide he blamed partly on 'lack of cooperation' by ...

 Dec 21 2014 - Irresponsible non-OPEC output behind oil price plunge: UAEArab News
(MENAFN - Arab News) ABU DHABI: "Irresponsible" levels of output by producers from outside the OPEC oil cartel is among the main causes of the slump in prices the UAE energy minister charged ...

 Dec 21 2014 - Gulf oil producers stand firm on OPEC outputAFP
(MENAFN - AFP) Oil-rich Arab Gulf countries stood firm against non-OPEC crude producers on Sunday, vowing they will not cut output nor hold an emergency cartel meeting to support slumping ...

 Dec 21 2014 - Saudi produces 74 percent of GCC polymer capacityMENAFN
(MENAFN) The National Petrochemical Industrial Co. (NATPET), a Saudi joint stock company, has revealed that 74 percent of the GCC's polymer capacity, totaling 17.6 million tons, was produced in the ...

 Dec 21 2014 - Algeria worried on falling oil pricesMENAFN
(MENAFN) Algeria, which oil revenues make up 97 percent of its hard currency earnings and 60 percent of the government's budget, is beginning to feel the impact of the fall in oil prices that led it ...

 Dec 21 2014 - UAE's non-oil trade hits USD142b in H1MENAFN
(MENAFN) The UAE's Federal Customs Authority (FCA) said that the value of direct total foreign non-oil trade has reached USD142.8 billion during the January-June period of 2014, Arabian Business ...

 Dec 21 2014 - UAE slams non-OPEC members on rising oil productionMENAFN
(MENAFN) The UAE's Ministry of Energy said that the decision made by the Organization of the Petroleum Countries (OPEC) not to cut production was correct despite the prices continuing with their drop ...

 Dec 21 2014 - Oman's OLC, Spanish CLH sign USD320m contractMENAFN
(MENAFN) Orpic Logistics Company (OLC), a joint venture between Oman Oil Refineries and Petroleum Industries (Orpic), announced it has signed an engineering, procurement and construction (EPC) ...

 Dec 21 2014 - UAE's Hakkasan acquires USD36m The Light GroupMENAFN
(MENAFN) Hakkasan Group, the hospitality and entertainment company owned by Abu Dhabi-based Tasameem Real Estate, announced it has acquired The Light Group from Morgans Hotel Group (MHG), Arabian ...

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