Kuwait National Petroleum Corporation (KNPC) has updated its 2040 strategy raising its “total capital spending” to “around KD1.4bn ($4.2bn)” according to reporting by local daily Al-Anbaa earlier this month.
The paper’s sources say that the firm is still seeking to push Kuwait’s refining capacity to 1.6mn b/d by 2025, a goal that seems extremely difficult to achieve. KNPC’s refining capacity currently stands at 801,000 b/d and fellow state firm Kipic is gearing up to bring online the 615,000 b/d Al Zour refinery imminently, which will bring Kuwait’s capacity up to 1.416mn b/d. Where Kuwait might squeeze an additional 200,000 b/d from in just three years is far from clear – especially given its track record of lengthy delays. (CONTINUED - 351 WORDS)