Kuwait’s refinery in Vietnam will begin operating in July 2018 with a capacity of 2,000b/d, according to Kuwait Petroleum International’s (KPI) CEO, Bakheet Al-Rashidi, KUNA reported. Al-Rashidi noted that KPI is currently testing the refinery’s equipment before activating the main units.
The project is part of KPI’s efforts to look into lucrative investments to boost its revenue and lure the global refining industry to do business with the company. Accordingly, establishing a joint oil refinery in Vietnam by KPI will provide further opportunities to market Kuwaiti oil, Neftegaz stated.
In related news, Al-Rashidi noted that KPI saw a rise in profits by 15% annually as its production rate rose from 319,000b/d in 2013/2014 to 450,000b/d to date. Nonetheless, the company is planning to further invest in the petrochemicals field, which is vital to face the unstable oil prices. Accordingly, KPI has put great efforts to increase its sales rates in Europe.