KUWAIT, Nov 4 (KUNA) -- Kuwait National Petroleum Company (KNPC) said Sunday 96.9 percent of its Biofuel project was completed by end of October.
The USD 15.2 billion project, one of the world's largest, consists of two parts: upgrading existing units in Ahmadi, Shuaiba and Abdullah Port Refineries as well as building new ones, Mohammad Al-Mutairi, KNPC's CEO, told a news conference.
Al-Mutairi said work was underway to building 22 new units in Abdullah Port, the most important of which was the crude oil distillation, with a production capacity of 264,000 barrels per day.
There are 17 units being prepared in Ahmadi Refinery, most importatly the coal production unit with a capacity of 37,000 barrels per day, Al-Mutairi explained.
He said 3.886 billion Kuwaiti Dinars (KD) (around USD 12.8 billion) were so far spent on the project, including KD 890 million (USD three billion) to build a central operation unit, the largest in the Middle East.
KNPC signed funding agreements totaling USD 6.245 billion, he said, and the company had spent USD 5.545 billion.
KNPC was established in 1960 as a shareholding company. The firm operated its first refinery in Shuaiba area in 1968. (end)