KUWAIT: State-owned Kuwait National Petroleum Company (KNPC) has hailed the successful operation of its mega, eco-friendly Clean Fuels Project (CFP). "This is a historic milestone," KNPC CEO Waleed Al-Bader told KUNA on Tuesday, adding that the ambitious project is a source of pride not only for KNPC but also for the entire Kuwaiti oil sector. He expected that this cutting-edge project will elevate Kuwait's standing in the global oil industry.
Bader highlighted the impressive economic and environmental impacts of the project. "It will open new markets and increase revenues of Kuwaiti oil products as well as create more job opportunities for Kuwaitis," he added. On the environment benefits, Bader explained that the CFP will reduce carbon emissions and pollution by producing high-quality and ultra-pure products that meet the strictest environment standards and specifications worldwide, including those of EURO-4 and EURO-5.
Meanwhile, KNPC's Acting Deputy CEO for Projects Ghanim Al-Otaibi revealed that the CFP incorporated modernizing and raising the capacity of the Mina Abdulla (MAB) Refinery and the Mina Al-Ahmadi (MAA) Refinery to 454,000 barrels per day and 346,000 barrels per day respectively of high-quality and eco-friendly oil byproducts.
Otaibi told KUNA that the project's design and execution have complied with the highest international environmental criteria. He estimated the capital cost of CFP at a total of KD 4.68 billion (roughly $15.5 billion). The Kuwaiti private sector has a 35 percent share of total investments in this national project, he indicated.
Deputy CEO of Mina Abdulla Refinery Wadha Al-Khateeb told KUNA that MAB implemented two of the three main parts of the CFP. Each was executed by a consortium of three international companies, she said. Khateeb added that the project will cut nitrogen oxides, sulfur oxides and other pollutants to the minimum level. "This will boost the profitability and competitiveness of Kuwaiti products as well as conserve the environment," she said.
Khateeb recalled that KNPC had recently succeeded in producing low sulfur marine fuel that meets the strict standards of the International Maritime Organization. Kuwait has become one of few countries producing this high-quality fuel worldwide, she said. Deputy CEO for Mina Al-Ahmadi Refinery Shujaa Al-Ajmi told KUNA that the CFP will help materialize a number of KNPC's strategic objectives such as upping Kuwait's refining capacity to 1.6 million barrels per day by 2025 and boosting investment company revenues, environmental performance and safety and operational reliability. - KUNA