KUWAIT, March 11 (KUNA) -- Kuwait's Al-Zour crude oil complex is worth USD 27 billion, Kuwait Integrated Petroleum Industries Company (KIPIC), a subsidiary of Kuwait Petroleum Corporation (KPC), said on Monday.
The mega oil complex is divided into three projects, which include a refinery, liquefied natural gas (LNG) processing facilities and a petrochemicals complex, the company said in a statement.
The Al-Zour refinery, which is expected to churn out 615 thousand barrels of crude per day worth USD 16 billion, is more than half-way complete, with progress at around 80 percent, it added.
The USD three billion LNG processing facilities, which have reached 66.5 percent progress, will produce three billion thermal units of gas, the statement revealed.
After a visit to the site of the Al-Zour crude oil complex, the Kuwaiti oil ministry's public relations officer Sheikha Tamathur Al-Sabah said such initiatives are part of a "new ideology" the ministry has embraced.
She said Kuwait is committed to ensure that 15 percent of local energy needs would come from renewables by the year 2030. (end) ad.nam