KUWAIT CITY: Kuwait’s National Petroleum Company (KNPC) plans to sign the main contracts awarded to companies to build the Al-Zour oil refinery.
Construction of the 615,000 barrel per day refinery which would be the largest in the Middle East could be a major boost to Kuwait’s economy, which has slowed due to political tensions and low oil prices.
“This is an important milestone,” said CEO Mohammed Al-Mutairi said.
Al-Mutairi said commissioning of the refinery was expected to start in November 2019.
The project cost is about 4.8 billion Kuwaiti dinars ($15.9 billion), he said, adding that KNPC would not seek any external financing.
Commissioning for Kuwait’s Clean Fuel Project is expected to start in April 2018, he said. That project is to upgrade and expand two of Kuwait’s largest refineries to focus on producing higher-value products for export, such as diesel and kerosene.
“We are in the final stages for talking with the government corporate financing, the total project cost is around 4 billion dinars,” he said.
Al-Mutairi said the company would look to finance 70 percent of the project externally and the other 30 percent would be funded internally through the Kuwait Petroleum Corporation.
Sources had said in April that KNPC was in talks with banks to raise a loan worth around $10 billion for the project.
A tender to build a permanent liquefied natural gas (LNG) import terminal will close in November, with the awarding of contracts for project expected by early 2016, Al-Mutairi said.
The cost of the 3 billion cubic feet per day terminal is about 900 million dinars.
KNPC to sign contracts for Kuwait’s Al-Zour refinery
KNPC to sign contracts for Kuwait’s Al-Zour refinery
Closing Bell: Saudi main index closes higher at 10,596
RIYADH: Saudi equities closed higher on Tuesday, with the Tadawul All Share Index rising 43.59 points, or 0.41 percent, to finish at 10,595.85, supported by broad-based buying and strength in select mid-cap stocks.
Market breadth was firmly positive, with 170 stocks advancing against 90 decliners, while trading activity saw 161.96 million shares change hands, generating a total value of SR3.39 billion.
Meanwhile, the MT30 Index closed higher, gaining 6.52 points, or 0.47 percent, to 1,399.11, while the Nomu Parallel Market Index edged marginally lower, slipping 3.33 points, or 0.01 percent, to 23,267.77.
Among the session’s top gainers, Al Masar Al Shamil Education Co. surged 9.99 percent to close at SR26.20, while Saudi Cable Co. jumped 9.98 percent to SR147.70.
Cherry Trading Co. rose 4.18 percent to SR25.44, and United Carton Industries Co. advanced 4.09 percent to SR26.46.
Al Yamamah Steel Industries Co. also posted solid gains, climbing 4.07 percent to end at SR32.70.
On the downside, Emaar The Economic City led losses, slipping 3.55 percent to SR10.32, followed by Derayah REIT Fund, which fell 2.92 percent to SR5.31.
Derayah Financial Co. declined 2.13 percent to SR26.62, while United International Holding Co. retreated 1.96 percent to SR155.20, and Gulf Union Alahlia Cooperative Insurance Co. eased 1.92 percent to SR10.70.
On the announcements front, Red Sea International Co. said it signed a SR202.8 million contract with Webuild S.P.A. to provide integrated facilities management services for the Trojena project at Neom.
The agreement covers operations and maintenance for the project’s Main Camp and Spike Camp, including accommodation and housekeeping, catering, security, IT and communications, utilities, waste management, fire safety and emergency response, as well as other supporting services.
The contract runs for two years, with the financial impact expected to begin in the first quarter of 2026. Shares of Red Sea International closed up 0.99 percent at SR34.74.
Al Moammar Information Systems Co. disclosed that it received an award notification from Humain to design and build a data center dedicated to artificial intelligence technologies, with a total value exceeding 155 percent of the company’s 2024 revenue, inclusive of VAT.
The contract is expected to be formally signed in February 2026, underscoring the scale of the project and its potential impact on the company’s future revenues.
MIS shares ended the session 2.82 percent higher at SR156.70, reflecting positive investor sentiment following the announcement.
