Two refineries jointly producing more than half a million barrels of oil per day will be built in Kuwait, the chief executive officer of the Kuwait National Petroleum Company (KNPC) said.
Mohammad Ghazi Al-Mutairi of KNPC said the company would bring two refineries each with a production capacity of 300,000 barrels per days on stream in the coming years.
Both refineries will be built as oil companies try to meet the government’s capacity target of refining two billion barrels per day by 2035.
No further details of the duo of new refinery plants was disclosed by KNPC, which made the announcement at a meeting with the Oil and Gas Year Kuwait, a company that provides business intelligence and communications in the energy sector.
KNPC confirmed the company was close to two construction milestones across its international operations.
Kuwait Petroleum International (KPI), a subsidiary of KNPC, will break ground on its oil refinery and petrochemicals plants in Duqm, Oman, later this month.
The company will also open the Nghi Son Refinery in Vietnam in May.
KPI chief executive officer, Nabil Bourisli, also suggested the company intended to buy a stake in an unnamed Indian refinery and petrochemicals project within the next couple of weeks.
At the same time as big oil enterprises such as KNPC build and open new plants to meet the government’s target of refining two million barrels of crude per day, Kuwait is also keen to ramp up production in the non-oil energy sector.
Earlier this year, Kuwait’s Ministry of Electricity and Water said the country would supply 15% of its power demand through renewable energy sources such as solar by 2030.