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 sigd 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 1 2016 - Middle East aims Arab tourists despite fall in visitor numbersMENAFN
(MENAFN) Middle East nations are targeting Arabs, particularly from the Gulf, whereas many visitors remain cautious on visiting the region with war in Iraq and Syria.Moreover, Egypt saw a 40 percent ...

 May 1 2016 - Oman to build oil storage near Duqm port at USD 300mnMENAFN
(MENAFN) Oman aims to build a main oil storage terminal on its southeastern coast, spending between USD 300 and 400mn of the first phase.Moreover, it will be built by a subsidiary of state-owned Oman ...

 May 1 2016 - King Abdullah Port to boost economy in KSAMENAFN
(MENAFN) King Abdullah Port will play an important role in pushing the economy and specifically the trade in Saudi Arabia.Additionally, the port acts like a barometer and a catalyst for the growth of ...

 May 1 2016 - Bahrain to benefit from Jordan's health sectorMENAFN
(MENAFN) Bahrain affirmed keenness to benefit from Jordan's health legislation expertise and to start mega health projects in cooperation with Jordan.Furthermore, the Bahraini lawmakers discussed ...

 May 1 2016 - Dubai to build new bridge at Jebel Ali Zone at USD 28.58mnMENAFN
(MENAFN) Dubai will build a new bridge project which will link the South and North of Jebel Ali Zone.Moreover, the project which will be undertaken in cooperation with the Jebel Ali Zone will cost ...

 May 1 2016 - Qatar's Ezdan Holding net profit grows 12 percent in Q1MENAFN
(MENAFN) Real Estate Ezdan Holding Group posted a net profit of USD 160.82mn for Q1 of 2016, up 12 percent compared to USD 143.39mn posted last year.Moreover, the group is working to issue USD 2bn ...

 May 1 2016 - Yemen foes hold 'productive' direct talks on key issues: UNThe Peninsula
(MENAFN - The Peninsula) Yemen's United Nations envoy Ismail Ould Cheikh Ahmed arrives for a press conference at the ministery of information in Kuwait City on April 30 2016. Yemen's warring parties ...

 May 1 2016 - Arab League Council to hold emergency meeting at Qatar's request on Wednesday to discuss situation in AleppoThe Peninsula
(MENAFN - The Peninsula) Cairo: The General Secretariat of the Arab League has decided holding of an emergency meeting of Arab League Council at the level of permanent delegates on Wednesday ...

 May 1 2016 - Prospects for Syria political solution 'in danger': opposition chiefThe Peninsula
(MENAFN - The Peninsula) President of the National Coalition for Syrian Revolutionary and Opposition Forces Anas Al Abdeh (C) attend the 28th general meeting of Syrian Opposition and the National ...

 May 1 2016 - Qatar- Iraq forces in major offensive on Islamic State-held townThe Peninsula
(MENAFN - The Peninsula) Iraqi pro-government forces and Shiite fighters from the Popular Mobilisation units hold position on April 30 2016 as they launch an operation to retake the town of al-Bashir ...

 May 1 2016 - 'Enterprise Challenge Qatar' winners honouredThe Peninsula
(MENAFN - The Peninsula) DOHA: The ‘Enterprise Challenge Qatar’ 2016 a competition to develop the spirit of entrepreneurship among young people has recognised the winners of the Schools ...

 May 1 2016 - Qatar takes part in Quran recitation and memorisation contest in MalaysiaThe Peninsula
(MENAFN - The Peninsula) Doha: Qatar is participating in the 58th International Al Quran Recitation and Memorisation Assembly in Malaysia represented by Reciter Al Numan Imran Abdul Hamid who is ...

 May 1 2016 - Qatar's contributions to Sudan's economic stability praisedThe Peninsula
(MENAFN - The Peninsula) Khartoum: Sudanese Minister of Investment Mudesir Abdul-Ghani yesterday hailed Qatar’s contributions to achieving economic stability in Sudan. Abdul-Ghani told the ...

 May 1 2016 - Qatar- Ashghal to open two permanent lanes on Mesaieed Road 1 and divert trafficThe Peninsula
(MENAFN - The Peninsula) Doha: The Public Works Authority (Ashghal) will open two permanent lanes that are 2.5km long on Mesaieed 1 Road which is the link road between Hamad Port and the ...

 May 1 2016 - 102 Qataris gain leadership skillsThe Peninsula
(MENAFN - The Peninsula) H E Sheikha Al Mayassa bint Hamad bin Khalifa Al Thani Chairperson Board of Directors QLC and Minister of State for Defence Affairs and Vice Chair QLC Board with Qatari ...

 May 1 2016 - Qatar- Katara to train SU-Q studentsThe Peninsula
(MENAFN - The Peninsula) Dr Khalid bin Ibrahim Al Sulaiti (right) General Manager Cultural Village Foundation and Dr Ivan Ninov Executive Dean Stenden University Qatar after the signing ceremony held ...

 May 1 2016 - Qatar- HBKU Press unveils QScience Collections to boost researchThe Peninsula
(MENAFN - The Peninsula) Doha: QScience.com the online open access platform of HBKU Press is providing a new service that helps increase the impact of published articles. QScience Collections is a ...

 May 1 2016 - Qatar- Ooredoo tv includes MBC Pro Sports HD channels with Saudi Premier League coverageThe Peninsula
(MENAFN - The Peninsula) Doha: Ooredoo’s innovative new entertainment service Ooredoo tv has launched the ‘MBC Pro Sports HD’ catalogue enabling viewers to access four new channels. ...

 May 1 2016 - Qatar- Marine environment reviewedThe Peninsula
(MENAFN - The Peninsula) Doha: The Ministry of Municipality and Environment hosted a Meeting of the Steering Committee of the Marine Environmental High Risk Areas (MEHRAs) and Place of Refuge Project ...

 May 1 2016 - Qatar- Canadian journalist to speak at NU-Q graduation ceremony todayThe Peninsula
(MENAFN - The Peninsula) Renowned Canadian journalist Lyse Doucet will be the commencement speaker at its 2016 graduation ceremony. DOHA: Northwestern University in Qatar (NU-Q) will welcome ...

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