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
 May 23 2015 - Qatar Participates in Arab Chiefs of Staff MeetingQatar News Agency
(MENAFN - QNA) The second meeting for Arab chiefs of staff started Saturday at the Arab League general secretariat. HE Chief of Staff Air Vice-Marshall Ghanim bin Shaheen Al Ghanim is leading ...

 May 23 2015 - Model Karlie Kloss stuns in standout designer gownArab News
(MENAFN - Arab News) CANNES France: Model Karlie Kloss gave celebrity guests at the amfAR annual charity gala more than a run for their money in the style stakes wearing a slinky diamante-encrusted ...

 May 23 2015 - Oman's ORPIC takes out USD910m loanMENAFN
(MENAFN) Oman Oil Refineries and Petroleum Industries Co. (ORPIC) has taken out a USD910 million ten-year loan from local and regional banks, Arab News reported.The money will be used to "meet ...

 May 23 2015 - Jordan's economy grows 3.8 percent amid political crisesMENAFN
(MENAFN) Jordan's economy is robust despite spillover violence along its borders from wars in Syria and Iraq, the central bank governor said, Arab News reported.Weak oil prices that have cut the ...

 May 23 2015 - Egypt to launch USD3b LNG tender over 2016-17MENAFN
(MENAFN) Egypt is set to launch what will be a highly sought after tender in early June to buy up to USD3 billion of liquefied natural gas (LNG) over 2016 and 2017, Arab News reported.Egypt has ...

 May 23 2015 - Iraqi forces clear path to key refinery: USThe Peninsula
(MENAFN - The Peninsula) Iraqi troops fighting Islamic State group forces have cleared a ground route into the country's largest oil refinery, the US military said Friday. "Iraqi Security Forces and ...

 May 23 2015 - Priest kidnapped in Homs region of Syria: NGOThe Peninsula
(MENAFN - The Peninsula) A priest of the Syriac Catholic Church in the western Syrian city of Homs was kidnapped Thursday along with one of his colleagues, the NGO l'Oeuvre d'Orient told AFP Friday. ...

 May 23 2015 - Suicide bomber in deadly attack on Shia mosque: SaudiThe Peninsula
(MENAFN - The Peninsula) A suicide bomber set off an explosion during weekly prayers in a Shia mosque of eastern Saudi Arabia leaving many dead Friday, the interior ministry said. "It has been ...

 May 23 2015 - Iraqi forces to launch Ramadi fightback in 'coming days'The Peninsula
(MENAFN - The Peninsula) Iraqi government and allied forces will launch an offensive aimed at retaking the city of Ramadi from the Islamic State group in the coming days, a spokesman said on Friday. ...

 May 23 2015 - Iraq- 55,000 have fled IS-captured Ramadi since mid-May: UNThe Peninsula
(MENAFN - The Peninsula) The United Nations said Friday that around 55,000 people had fled Ramadi since a surge by the Islamic State group in mid-May that landed the Iraqi provincial capital in the ...

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

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