Arab Today, arab today kuwait ups new refinery budget after bids top estimates
Last Updated : GMT 17:18:14
Arab Today, arab today
Arab Today, arab today

Most tenders came in higher than cost

Kuwait ups new refinery budget after bids top estimates

Arab Today, arab today

Arab Today, arab today Kuwait ups new refinery budget after bids top estimates

Kuwaiti Oil Minister Ali al-Omair
Kuwait City - Arab Today

Kuwait's Supreme Petroleum Council has endorsed a request to sharply increase the budget for a new refinery after most of the bids exceeded initial estimates, the oil minister said Tuesday.

Ali al-Omair said the figure for the Al-Zour refinery was increased by 871 million dinars ($2.9 billion/2.7 billion euros) to 4.87 billion dinars.

That came after bids for most tenders for the five packages constituting the refinery project came in higher than the estimated cost.

Tenders are expected now to go ahead, and some contracts are likely to be awarded as early as next month.

The initial capacity of the state-of-the-art refinery was 615,000 barrels per day, but Omair said the capacity will now range between 600,000 and 800,000 bpd.

Last year, Kuwait awarded tenders for a $12-billion project to upgrade two of the three existing refineries.

When that work is completed by around 2018 and the new refinery is built, Kuwait's refining capacity will increase to 1.4 million bpd from 930,000 bpd currently.

Omair said an estimated $60 billion will be spent on oil projects over the next five years to modernise the oil sector and to raise production capacity to 4.0 million bpd.

Kuwait says it sits on 10 percent of the world's proven crude reserves and is pumping 2.8 million bpd.
Source: AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today kuwait ups new refinery budget after bids top estimates Arab Today, arab today kuwait ups new refinery budget after bids top estimates

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
Arab Today, arab today Former head of Egypt’s syndicate submits appeal

GMT 20:11 2017 Saturday ,25 March

Former head of Egypt’s syndicate submits appeal

GMT 12:27 2017 Friday ,24 March

Democrats press Trump SEC nominee

GMT 21:20 2017 Thursday ,23 March

CBI sells more than $164m

GMT 19:19 2017 Wednesday ,22 March

Saudi Labor minister amends "Netaqat" program
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Actress Mervat Amin reveals her role in new series
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday