KUWAIT INVESTS $27B
The Kuwait National Petroleum Company has recently signed contracts for $ 12 billion (nine billion euro) with three international consortia for the modernization of two refineries and invited to propose projects to build a new refinery by $ 15 billion.
The three consortia are led by the UK's Petrofac, the U.S. Fluor and Japanese JGC Corporation. Most of the other companies in this consortium are South Korean. According to the manager of the KNPC, Mohammed al-Mutairi, the program should be completed in 2018.
Mutairi said that the aim of the project, called Clean Fuel Project, is the modernization of two of the three existing refineries in Kuwait, with the installation of 37 advanced systems capable of refining to reduce pollutants sulfur and coal.
Currently the production capacity of the two refineries of Mina Al-Ahmadi (pictured) and Mina Abdullah is about 730mila barrels per day, while that of the third refinery, Shuaiba, is about 200 thousand barrels per day. At the end of the modernization, the production capacity of the first two is expected to reach 800 thousand barrels per day, while the third is expected to close. In its place would be built a new plant capable of refining 615mila barrels per day, thus bringing the country's production capacity to 1.4 million barrels per day.
The start of operations of the latter system, the expected cost of about $ 15 billion, is expected in late 2018 and the first quarter of 2019.
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IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.