Home About Kuna Advertise Contact Us Kuna's Bureaus Services KUNA training center Term Of Use
Register Login
facebook Twitter Youtube rss
Latest sanctions serve to hinder N. Korea's 'evasive' maritime activities      EU calls for immediate stop to fighting in Syria      Saudi editors pay landmark visit to Baghdad      Ankara summons Dutch diplomat over Armenians' events      Trump says US will take specific actions to reduce gun violence      IAEA says Iran committed to nuclear deal
  General
Kuwait produces 1.1 mln metric tons of urea annualy
28/12/2015 | LOC11:53
08:53 GMT
| Kuwait News
تصغير الخطالشكل الأساسيتكبير الخط
Cover oil report
Cover oil report

By Osama Jalal

KUWAIT, Dec 28 (KUNA) -- Kuwaiti petrochemical plants currently produce 1.1 million metric tons of urea and 680 million tons of ammonia per year, according to Kuwait Petrochemical Industries Company (PIC).
Up to 45 percent of the production is exported to North America, 35 percent to South America, 10 percent to Thailand and the remainder to other markets, said Abdullah Al-Suwailem, PIC's Deputy CEO for Fertilizers, in remarks included in KUNA's quarterly oil report, which sheds extensive light on the national fertilizers' industry, crude prices and global petroleum industry.
The report quoted Hanan Al-Qaisy, KUNA's Deputy Chief Editor for Economic Affairs, as saying that the PIC had contributed to establishing the Bahraini Gulf Petrochemical Industries Company (GPIC), with 33.3 percent of its stakes.
Sector of petrochemical industries is the main contributor to the Kuwaiti economy, Al-Qaisy said, for all of its companies are modern, feasible with satisfactory performance.
Al-Qaisy said the report second chapter sheds light on oil prices in Q3 of 2015, noting that the Kuwaiti crude price averaged USD 46.7 per barrel and country's output amounted to 2.855 million pd.
Kuwait, she added, is adherent to up the output to four million barrels per day by 2020, however she noted that the prices are basically affected with changing and divergent factors, such as geopolitical, economic reasons, supply and demand.
Elaborating, she said the prices, in the year Q3, declined, while rates of the exported Kuwaiti crude drastically dropped; simultaneously with production hike by other members of OPEC, the Organization of Petroleum Exporting Countries. The Kuwaiti crude fell USD 11, 18.8 percent, reaching USD 58.72 pb.
In Q2, it dropped to USD 47.70 PB. In August, it dropped to USD 45.58 pb and to USD 43.69 pb in September.
Global crude reserves are estimated 1.5 trillion barrels. There more than 4,000 oil fields and 5,000 rigs for exploring and extracting the crudes worldwide.
Declared global output stands in the range of 90 million bpd. Kuwait ranks fifth with respect of reserves and seventh as to crude exportation and derivatives.
Nabil Bouresli, Managing Director for International Marketing at Kuwait Petroleum Corporation, is cited in the report, affirming that Kuwait plans to hike its crude production to four million bpd by 2020. Up to 90 percent of KPC's contracts are of long term nature -- they have been worked out with Asian, European states as well as the United States of America.
The KUNA report is posted on the news network website. (end) osj.rk

 Print
  Email
 Save
Share
Share
Kuwait
Photos from GCC Summit
Photos from GCC
share your photos Kuwait Vision
Vote for best photo for 2017
Kuwait Reader
Kuwait Vision
 
News Brief
 


KUNA publishes a book titled (His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah: A Humanitarian Leader) to commemorate the UN honoring of Kuwait's leader

 
Most Read Most Emailed  
1.   Today in Kuwait's history
2.   Kuwait's diplomatic missions abroad continues to celebrate nat'l occasions
3.   Kuwaiti oil price up by 46 cents to USD 61.26 pb
4.   Photo of the Day
5.   His Highness the Amir congratulates Guyana on nat'l day
6.   'Sabah's Falcons' a Kuwaiti rescue team
 
 
kuna magazien

 
Publications

 
WEATHER
PRAYER
CURRENCIES
KUWAIT AIRPORT
About KUNA KUNA SERVICES USEFUL LINKS KUNA ARCHIVE KUNA PUBLICATIONS
Home
About Kuna
Advertise
Contact Us
Kuna's Bureaus
Services
KUNA training center
Term Of Use
Read The Whole Newscast
Pictures (during the week)
FTP Service
KUNA Reader
SMS Services
kuwait in memory of day
Job Application
Careers
Arab News Agencies
International News Agencies
Governmental Institutes
other useful links
Prayer Times
News Archive
Other News Services
Today In Kuwait's History
Events
Training Sessions
Videos
All KUNA right are reserved © 2012. This site is designed and published by IDS