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Kuwait’s KNPC secures further funding for Al-Zour project

by ChemOrbis Editorial Team - content@chemorbis.com
  • 24/06/2015 (17:52)
According to media reports, the Kuwaiti government has budgeted an additional $2.6 billion for state-owned Kuwait National Petroleum Company’s (KNPC) planned Al-Zour oil refinery project due to rising construction costs. Higher costs led the total investment value for the project to reach between $14.95 billion and $15.5 billion. Additional funds are subject to approval from the country’s Supreme Petroleum Council.

The company also delayed the start up of construction works of the refinery to beyond early 2019 as KNPC is seeking additional funds to finance the refinery, which will be the biggest refinery in the Middle East once completed. It was reported that the refinery has previously faced several delays due to bureaucratic and political issues.

The refinery is expected to be able to process 615,000 barrels of oil per day.
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