Kuwait state-refiner KNPC to spend KD3.5bn over five years

State-refiner Kuwait National Petroleum Corp (KNPC) plans to spend around KD3.5bn ($11.6bn) from 2018-2023, Kuwaiti newspaper Al Rai quoted the company’s chief executive as saying on Sunday.

Mohammad Ghazi al-Mutairi was cited as saying the plan involved completing projects and starting new ones.

KNPC is developing the Clean Fuels Project that will upgrade and expand two of its largest refineries to make higher-value products such as diesel and kerosene for export.

Mutairi said the first installment of a $6.25bn loan from international lenders was expected to be received by the end of September.

KNPC will close the ageing 200,000 barrels per day (bpd) refinery in Shuaiba. Mutairi said work on assessing units for sale at the refinery had been completed.