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Kuwait to upgrade oil refineries at US$29 billion

Industry

Kuwaits Supreme Petroleum Council approved the upgrading of two of three existing refineries to raise output and produce cleaner products. The projects are estimated to cost US$29 billion.

According to Kuwait's oil minister, the council also agreed to the building of a new 615,000 bpd refinery which will be run by the state.

"We hope that the regulatory procedures and approvals are clear within the next months," Kuwaiti oil minister Mohammad Al-Busairi was quoted as saying by Reuters.

The refinery project was scrapped by the government more than two years ago after MPs had opposed the project complaining of a lack of transparency in the tendering process.

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