KUNA issues 17th oil industry quarterly

KUWAIT, March 14 (KUNA) -- Kuwait News Agency (KUNA) issued on Saturday its 17th comprehensive oil report for the last quarter of 2014, covering Kuwait's new Al-Zour Refinery, developments on the world markets and OPEC.
The first chapter of the report is devoted to Al-Zour Refinery, expected to be one of the largest oil refining plants worldwide, KUNA Deputy Chief Editor for the Economic News Department Awatef Al-Hasawi said in a press statement.
It is a major project for the Kuwait National Petroleum Company (KNPC) as well as the strategy of the Kuwait National Corporation (KNC) on the till 2030, she added.
With initial costs estimated at KD 4 billion (about USD 14 billion), Al-Zour is a key project in the nation's development plan, Al-Hasawi noted.
More details on Al-Zour Refinery are provided through an interview with KNPC Deputy CEO for Support Services Khaled Saleh Al-Asousi.
As for the second chapter, it tackles developments on the world oil markets over the quarter.
Organization of the Petroleum Exporting Countries (OPEC) is the focus of the third chapter, together with Kuwait's in the cartel.
OPEC member states provide up to 30 percent of the world's oil and own about 80 percent of reserves, Al-Hasawi said.
The Arabic version of the report is available for download on KUNA's Arabic website, as well as former ones. (end) osj.hb.msa.