Skip to content Skip to Search
Skip navigation

Kuwait commences commercial operations at Al-Zour refinery

By Pramod Kumar
KUNA
The refinery’s capacity is 615,000 barrels per day, with a strategic LSFO storage capacity of 6.5 million barrels

Kuwait Integrated Petroleum Industries Company (KIPIC) has started commercial operations of the first phase of the Al-Zour refinery project, state-owned Kuwait News Agency (KUNA) reported.

The refinery last month started to produce and sell primary quantities of fuel oil and supply it to local electric power stations.

KIPC acting CEO Waleed Al-Bader said the operation is a ‘mainstay of the country’s development plan’.

He added that the refinery provides fuel of high quality and environmental standards to meet the local energy demand, as it limits emissions of gases polluting the environment and improves air quality.

Al-Bader indicated that it is a vital outlet for the disposal of heavy Kuwaiti oil and provides other refined products for export in global markets with standard specifications.

The refinery’s capacity is 615,000 barrels per day, with a strategic low sulfur fuel oil (LSFO) storage capacity of 6.5 million barrels, according to KIPIC’s website.

Earlier, Kuwait’s finance minister Abdul Wahab Al-Rasheed said that the country will use an expected budget surplus for the fiscal year ending March 31, 2023, to replenish its general reserve fund (GRF).

“(Oil) prices today and for a while are above this price, and this will result in surpluses in the next final account (of the budget),” he said, without specifying how big the surplus would be.

“And through these surpluses, we seek to restore the general reserve,” he said after last Tuesday’s parliament meeting.

Latest articles

Investor Tim Draper told AGBI the US must 'swing back to freedom' to avoid losing innovation to countries such as the UAE

Tim Draper: UAE benefits from US crypto ‘overregulation’

Billionaire venture capitalist Tim Draper has criticised the US for its restrictive stance on cryptocurrency, claiming it is driving innovators towards more encouraging and friendlier markets such as the UAE. The Gulf state is actively developing regulatory frameworks to lure new forms of business, amid intense regional economic competition. Dubai and Abu Dhabi have set […]

A subsidiary of Banque Misr will open the first digital-only bank in Egypt this year

Egypt to open first digital bank later this year

Misr Digital Innovation will open Egypt’s first digital bank towards the end of the year, as it looks to appeal to the North African’s country’s younger and unbanked demographic. MTI, a subsidiary of Banque Misr, is the first bank to have received approval to establish a digital bank by the Central Bank of Egypt (CBE) […]

Mukesh Ambani, chairman and managing director of Reliance Industries which will receive the investment from AIDA and US-based KKR

Abu Dhabi’s ADIA invests in Indian warehouses

The Abu Dhabi Investment Authority (ADIA) and the US-based private equity firm KKR have invested INR 12,000 crore ($1.5 billion) in India’s Reliance Retail Ventures’ warehousing assets.  Both companies have invested equal amounts in Reliance Logistics and Warehouse Holdings (RLWH), The Economic Times, an Indian financial daily, reported, citing informed sources.  RLWH was established in […]

Saudi Arabia’s industry and mineral resources minister Bandar Al-Khorayef. The country is struggling to meet an FDI target of $100bn a year by 2030

Saudi industry minister tempts investors with funding incentives

Saudi Arabia’s ministry of investments and mineral resources is prepared to finance up to 75 percent of industrial projects in the country, as the kingdom tries to boost its low foreign direct investment (FDI) numbers.  Bandar Al-Khorayef, the minister of industry and mineral resourcespointed to well-developed infrastructure across 36 industrial cities, prefabricated factories ready to […]