State-owned Kuwait Petroleum Corporation (KPC) is planning a series of downstream debottlenecking projects to increase the country’s refining capacity by 200,000 barrels a day (b/d), according to Sheikh Nawaf al-Sabah, the company’s deputy chairman and chief executive.The planned projects will be developed after the Al-Zour refinery project is officially announced as complete, bringing the country’s total refining capacity to 1.4 million b/d.When the planned downstream debottlenecking projects are completed, Kuwait’s refining capacity will be brought up to 1.6 million b/d, Al-Sabah said.Al-Sabah did disclose details about the value of the planned debottlenecking projects or where the new projects are expected to take place.He also did not provide details about how many downstream debottlenecking projects are being planned.The state-owned upstream operator Kuwait Oil Company (KOC) is planning to invite firms to bid for two strategic oil and gas projects before the end of this year.The tender documents for both packages were submitted to Kuwait’s Central Agency for Public Tenders (Capt) in March, and the contracts are expected to have a combined value of $1.35bn.Kuwait’s oil and gas projects sector has contracted significantly over the past five years due to disruption caused by domestic political issues.In September, Kuwait appointed Fahd Abdulaziz al-Jarallah as finance minister following the resignation of his predecessor in July.Al-Jarallah, the sixth person to hold the post in three years, took over from Manaf Abdulaziz al-Hajri, who was only in the role since April this year. Oil minister Saad al-Barrak had been acting finance minister after he resigned.Political infighting and institutional gridlock have hampered investment and reforms aimed at reducing Kuwait’s heavy reliance on oil revenues.Among key reforms, which have faced delays, is a public debt law that will enable Kuwait to borrow from international markets. This proposed law has faced opposition from members of parliament. The government requires parliamentary approval for proposed reforms.Growth in Kuwait is expected to significantly slow this year on the back of lower oil prices and cuts to oil production, and the country's budget for fiscal year 2023-24, approved last month, foresees a budget deficit of $22bn. (ICE KUWAIT)

Fonte notizia: Meed