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Oil Minister cites stagnation for Shuaiba refinery's closure
March 30, 2017, 5:45 pm

The decision to shut down Kuwait's long-running Shuaiba refinery was the result of thorough studies that found the facility to be unfit for business, Minister of Oil Essam Al-Marzouq said on Thursday.

Speaking to the press, Al-Marzouq, who is also Minister of Electricity and Water, said that the decision to close the refinery on Friday is largely an economical one and that the establishment will still be used to store oil products. Moreover, he noted that the country seeks to boost its oil refining capacity to meet the growing needs of the local market, adding that the closure of Shuaiba refinery will not be detrimental to oil production.

On future projects, he said that Kuwait will sign a deal to partner with Oman's Duqm refinery, which has a capacity of 200,000 barrels per day, on April 10.

On a related note, the Minister of Oil said that Kuwait National Petroleum Company's (KNPC) 'Clean Fuel Project' would be 84 percent complete by the end of the month, with an expected total cost of KD four billion (US$13 billion).

He also pointed out that an ad hoc committee tasked with monitoring the progress of an OPEC decision to slash oil production is not looking into ways to extend the accord, as such decisions are left to the discretion of OPEC oil ministers, who are set to meet on May 26. 

Source: KUNA

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