KNPC's capital budget for '16-17 totaling KD 12 bln

KUWAIT, Jan 31 (KUNA) — Kuwait National Petroleum Company (KNPC), a subsidiary of Kuwait Petroleum Corporation (KPC), said Sunday that its capital budget reached around KD 12 billion (One kd equals 0.303 USD) for the fiscal year 2016-17, while its operational budget for the same period is estimated to be around KD 889,385 million.
KNPC’s CEO Mohammad Ghazi Al-Mutairi told daily Al-Rai that the company is implementing multi-billion plans and strategic projects exceeding KD 11 billion.
Al-Mutairi added that work on Al-Zour refinery project is continuing as planned.
Al-Mutairi noted that work on the refinery is expected to be over in the summer of 2019.
On a different front, Al-Mutairi said KNPC has completed around 42 percent of environment-friendly petro project and expenses reached around KD 1.15 billion by the end of 2015, expecting expenditure on the project to reach KD 1.07 billion by the end of 2016.
Al-Mutairi also noted that KNPC is planning to establish 100 new oil stations to provide future adequate number of oil stations due to expanded overall developments in the country. (end) km.mb