The planned project to develop a refined products facility on a harbour arm in the Kuwaiti port city of Shuaiba is expected to have a budget of KD130m ($420m)The project has been tendered by the state-owned downstream operator, Kuwait National Petroleum Corporation (KNPC).A pre-tender meeting for the project is scheduled to take place on 16 December 2024.The deadline for the submission of bids is currently 2 March 2024.The Shuaiba oil pier includes several structures including the Approach Trestle, North Arm Facility, and South Arm Facility.Sources said that the North Arm Facility consists of two berths, known as Berth 31 and Berth 32 and it loads refined products for both KNPC and state-owned Petrochemicals Industries Company (PIC).The North Arm Facility is currently not operational and will be upgraded as part of this project, according to industry sources.KNPC and PIC are subsidiaries of Kuwait Petroleum Corporation (KPC).Earlier this year, KPC chief executive Sheikh Nawaf Al-Sabah reiterated that his company plans to increase its oil production capacity to 4 million barrels a day by 2035.About 90% of Kuwait’s oil production comes from KOC, which also plans to achieve a daily gas production capacity of 1.5 trillion cubic feet by 2040.Kuwait is estimated to have 100 billion barrels of oil reserves.Under KPC’s 2040 strategy, it plans to invest $410bn, which will come from its cash flow, debt and joint ventures with other businesses.Out of the $410bn, KPC and its subsidiaries intend to invest $110bn to accomplish the group’s energy transition targets (ICE KUWAIT)

Fonte notizia: Meed