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
Saudi POS spending jumps 28% in final week of Jan: SAMA
RIYADH: Saudi Arabia’s point-of-sale spending climbed sharply in the final week of January, rising nearly 28 percent from the previous week as consumer outlays increased across almost all sectors.
POS transactions reached SR16 billion ($4.27 billion) in the week ending Jan. 31, up 27.8 percent week on week, according to the Saudi Central Bank. Transaction volumes rose 16.5 percent to 248.8 million, reflecting stronger retail and service activity.
Spending on jewelry saw the biggest uptick at 55.5 percent to SR613.69 million, followed by laundry services which saw a 44.4 percent increase to SR62.83 million.
Expenditure on personal care rose 29.1 percent, while outlays on books and stationery increased 5.1 percent. Hotel spending climbed 7.4 percent to SR377.1 million.
Further gains were recorded across other categories. Spending in pharmacies and medical supplies rose 33.4 percent to SR259.19 million, while medical services increased 13.7 percent to SR515.44 million.
Food and beverage spending surged 38.6 percent to SR2.6 billion, accounting for the largest share of total POS value. Restaurants and cafes followed with a 20.4 percent increase to SR1.81 billion. Apparel and clothing spending rose 35.4 percent to SR1.33 billion, representing the third-largest share during the week.
The Kingdom’s key urban centers mirrored the national surge. Riyadh, which accounted for the largest share of total POS spending, saw a 22 percent rise to SR5.44 billion from SR4.46 billion the previous week. The number of transactions in the capital reached 78.6 million, up 13.8 percent week on week.
In Jeddah, transaction values increased 23.7 percent to SR2.16 billion, while Dammam reported a 22.2 percent rise to SR783.06 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
