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Kuwait Celebrates First Light Crude Oil Export

Kuwait Celebrates First Light Crude Oil Export

Thursday, 8 November, 2018 - 12:00
Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah attends a ceremony to mark the state’s first shipment of light crude oil with Minister of Oil and Electricity and Water Bakheet Al-Rasheedi (Kuwait Oil Company)
Kuwait - Merza al-Khuwaldi
Kuwait celebrated the export of the first shipment of light crude oil, while state-owned Kuwait Oil Company said
the country plans to increase production capacity of light oil in five years to 250 thousand barrels per day (bpd).

Under the auspices of Emir Sheikh Sabah AL-Ahmad AL-Jaber AL-Sabah, Kuwait held on Wednesday a ceremony to inaugurate the state’s first shipment of light crude oil.

In his speech, Kuwait Oil Company’s CEO Jamal Jaafar said that developing the country’s Jurassic Reservoirs to help meet soaring domestic gas demand is among the company’s top priorities.

Jaafar explained that Kuwait’s first shipment of light crude oil had some struggles, but the workers in the oil sector were determined to bring their goals to fruition, helping drive the national economy to new heights.

Kuwait stands at the cusp of a new era in oil and gas production, he indicated, wishing the country persistent growth and development.

Minister of Oil and Minister of Electricity and Water Bakheet al-Rasheedi said that the oil sector has notched up another milestone achievement with the shipment of its first light crude oil cargo.

Rasheedi hailed the export as a launchpad for greater oil production, which will serve to reinforce Kuwait’s position as an oil and gas powerhouse, fitting into national plans to build a stronger economy.

The Minister discussed the environmental fuel project to modernize and upgrade Kuwait Oil Company refineries and the new al-Zour Refinery, one of the largest refineries in the world. These two projects will increase the refining capacity in Kuwait to 1.4 million bpd.

Discussing offshore projects, Minister Rasheedi stated that the completion of the entire Vietnam refinery, which will refine 200,000 barrels of Kuwaiti oil, is a joint venture with a 35 per cent stake in Kuwait. He explained that during this year, contracts were signed for the construction of Duqm refinery in Oman, which is expected to be operational in 2022.

In the field of exploration and production, the second gas production line was commissioned in Wheatstone project, Australia, in June 2018, he also indicated.

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