Kuwait National Petroleum Company's (KNPC) expenditure for the next five years is likely to touch KD3.5 billion ($11.6 billion), the company's CEO Mohammad Al Mutiari has said.
He said that such expenses are earmarked for ongoing projects as well as launching new ones. KNPC's total capital for the 2017-2018 fiscal year was at KD 6.1 billion ($20 billion).
KNPC is developing the Clean Fuels Project that will upgrade and expand two of its largest refineries to make higher-value products such as diesel and kerosene for export.
Al Mutairi said the first instalment of a $6.25 billion loan from international lenders was expected to be received by the end of September.
He also said the ageing Al Shuaiba refinery will be closed and it is now up for sale following the completion of all procedures.
He said a gas line project with a capacity of 805 million cu ft per day, being built at a cost of KD428 million ($1.4 billion), is currently under way. The project entails separating methane and ethane gases through a highly intricate process, the report said.
Al Mutairi also spoke about the construction of new KD210 million ($696 million) liquid sulphur treatment facilities at Al Ahmadi refinery and work to upgrade equipment in those storages.
On the local market's soaring demand for fuel, he noted that a warehouse in Al Ahmadi area is currently undergoing renovations at a cost of KD75.6 million ($250 million), while a new facility will be built shortly in Al-Metla'a area.
The KNPC CEO also revealed plans to build 100 new fuel stations to ensure adequate power supply amid growing urbanisation in the country.
On KNPC's total workforce, Al Mutairi said that 6,281 employees had been registered as of August 13, while the company is expected to hire an additional 377 workers.