CFP places Kuwait among top exporters of oil byproducts

Kuwait National Petroleum Company's Clean Fuels Project is one of the largest and most significant projects in the history of the Kuwaiti oil sector as it will position Kuwait among major exporters of high-quality and eco-friendly products, the Kuwait News Agency reported.

The project is part of Kuwait’s effort to become a regional economic attraction hub and represents a historic milestone that will strengthen Kuwait’s position as an influential and competitive state capable of meeting stringent conditions in various global markets, as well as its global position in the oil refining industry by expanding and upgrading the Mina Abdullah and Mina Al-Ahmadi refineries.

In addition to advanced conversion capabilities, the operational excellence, reliability, safety performance and energy efficiency of the two refineries have been greatly improved.

Their clean products meet US, European, and Asian standards, including Euro-4 and Euro-5.
The equipment and technology used in the execution of this massive project were developed by 199 companies from 23 countries.

According to KUNA, the project reflects the company’s overall strategic vision to become one of the most competitive and advanced refining companies in the world and manifests the optimal use of the country’s oil resources as one of the Kuwait Petroleum Corp.’s top strategic goals.

Kuwait National Petroleum Co. Deputy CEO for Administrative and Commercial Affairs and Official Spokesman Ahed Al-Khurayif estimates that the CFP’s capex would be KD 4.68 billion (around $15.2 billion), citing the financing process as the largest in Kuwait’s oil industry history.

According to the company’s official, the KPC funded 30 percent of the project’s capex, while the remaining 70 percent was financed by foreign sources.

Following the project’s successful completion, the refining capacity of the Mina Abdullah and Mina Al-Ahmadi refineries has increased to 454,000 and 346,000 barrels per day.

The 800,000-bpd quantity, combined with Al-Zour oil refinery’s expected 600,000-bpd production capacity, will bring the refined oil total to 1.4 million bpd, achieving the best value added and highest possible revenue from hydrocarbon resources, according to the official.