(MENAFN- Kuwait News Agency (KUNA))
By Khaled Al-Mutairi
KUWAIT, Sept 21 (KUNA) -- The state-owned Kuwait National Petroleum Company (KNPC) has hailed the successful full operation of its mega, eco-friendly Clean Fuels Project (CFP).
"This is a historic milestone," KNPC CEO Waleed Al-Bader told KUNA Tuesday, adding that the ambitious project is a source of pride not only for the KNPC but also for the whole Kuwaiti oil sector.
He expected that this cutting-edge project would elevate Kuwait's standing in the global oil industry.
Al-Bader highlighted the impressive economic and environmental impacts of the project.
"It will open new markets and increase revenues of the Kuwaiti oil products as well as create more job opportunities for Kuwaitis," he argued.
On the environment benefits, Al-Bader explained that the CFP will reduce carbon emissions and pollution through producing high-quality and ultra-pure products that meet the strictest environment standards and specifications worldwide including those of EURO-4 and EURO-5.
Meanwhile, Acting Deputy KNPC's CEO for Projects Ghanim Al-Otaibi unveiled that the CFP incorporated the modernizing and raising the capacity of the Mina Abdulla (MAB) Refinery and the Mina Al-Ahmadi (MAA) Refinery to 454,000 barrels per day and 346,000 barrels per day respectively of high-quality and eco-friendly oil by-products.
Al-Otaibi told KUNA that the project's design and execution have complied with the highest international environmental criteria.
He estimated the capital cost of the CFP at a total of KD 4.68 billion (roughly USD 15.5 billion).
The Kuwaiti private sector has gotten a 35 percent share of the total investments in this national project, he indicated.
Deputy CEO of Mina Abdulla Refinery Wadha Al-Khateeb told KUNA that the MAB implemented two of the three main parts of the CFP.
Each was executed by a consortium of three international companies, she pointed out.
She added that the project will cut nitrogen oxides, sulfur oxides and other pollutants to the minimum level.
"This will boost the profitability and competitiveness of the Kuwaiti products as well as conserve the environment," she said.
She recalled that the KNPC had recently succeeded in producing low sulfur marine fuel that meets the strict standards of the International Maritime Organization.
Kuwait has become one of a few countries producing this high quality fuel worldwide, she said.
Deputy CEO for Mina Al-Ahmadi (MAA) Refinery Shujaa Al-Ajmi told KUNA that the CFP would help materialize a number of the KNPC strategic objectives such as upping Kuwait's refining capacity to 1.6 million barrels a day by 2025 and boosting investment company's revenues, environment performance, and safety and operational reliability. (end)
km.kda.ibi
MENAFN21092021000071011013ID1102839153
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.