The Kuwait National Petroleum Company (KNPC) plans to increase the country’s refining capacity to 2 million barrels per day (b/d) by 2035, state-owned KUNA news agency reported on November 25.
The plan comes as part of the company’s 2035 strategy, which will cost around $25 billion to implement, KNPC CEO Mohamed Al-Mutairi said on the sidelines of an event launching the company’s strategy.
Al-Mutairi said that the company hopes to boost the refining capacity by 300,000 b/d to 1.7 million b/d by 2025 after the first phase of the new Al-Zour refinery is completed. The project’s second phase will raise capacity to 2 million b/d and is scheduled for completion in 2035.
The strategy will either be paid for by the company, financed by the Kuwait Petroleum Company, or by loans from national or international banks, Al-Mutairi said.
The company is also preparing feasibility studies for the construction of a new liquefied petroleum gas facility in the south of the country and two new gas lines. The studies will also examine the possibility of increasing Kuwait’s gas production capacity to 3.7 billion square meters per day by 2025.