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FINANCIAL NEWS
Kuwait panel approves $15b refinery project
01 Jun 2010
(MENAFN) Kuwait?s Supreme Petroleum Council, a key technical panel, has approved a previously stalled $15 billion project to build a refinery with a capacity of 615,000 barrels per day in Kuwait, Reuters reported.
The country’s highest oil policy body will now have to make the final decision about building the Al Zour refinery. It did not say when the council was expected to meet.
Kuwait last year scrapped plans to build the country’s fourth refinery in the face of opposition from legislators who questioned the tender process.
The tendering process and other administrative procedures would take up to two years before construction of the refinery could start, according to media reports.
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