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SPECIAL ADVERTISING SUPPLEMENT P.6 „
I
Crude oil production during the first
quarter of 1995 was maintained at 2
mil!ion barrels a day, the same as in
the last quarter of 1994 . The spot
price of Kuwait crude averaged
$15 .30 per barrel, an increase of 11 %
above the 1994 average .
Besides potentialiy substantial
expansion, there is also the possibility
in the near future of foreign
participation in domestlc oil
production <strong>and</strong> exploration . Some
recent reports indicate plans to invest
uo to $15 billion over the next tan
years to boost crude oil production
capacity <strong>and</strong> exp<strong>and</strong> downstream
operations .
There should be a decision shortly
on allowing foreign oil companies ;o
participate in exploration <strong>and</strong> production
operations for the first time since 1975 .
The Oil Minister has indica:ed that the
plan is to Invite bids from properly
qualified international oil companies by
open tender, <strong>and</strong> that the acreage or :
offer will not include any already
discovered oil-bearing structures .
Foreign companies would be
responsible for the technical <strong>and</strong>
financial r,sks of their activities .
Following the completion of repairs
to Mina Al-Ahmadi refinery's third
The !mpressive Kuwait parliamentary builtling-nome of the Natioral assemblyy
crude distiGation unit last year. the
upgrading of facilities there <strong>and</strong> at
Mina Abdullah <strong>and</strong> Shuaiba Is likely to
continue, together with the longer
term aim of exp<strong>and</strong>ing capacity
outside the countryThere is likely to be a considerab .e
growth in KPC's international
operations . In Europe it already markets
400,000 barrels a day through its 6,400
08 petrol stations, <strong>and</strong> an expansion in
refinery capacity from 130,000 barrels a
day to 300,000 barrels a day is
envisioned .
There are hopes that up to 400,000
barrels a day refin :ng capacity will
become available on a joint-venture
basis in Asia . Talks are under way with
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companies in China, Indonesia, South
Korea <strong>and</strong> Thail<strong>and</strong> .
Letters of intent for refinery
projects in India <strong>and</strong> Pakistan have
already beerr signed . In India the link is
withh the state-owned Indian Oil
Corporation (10C) for a joint-venture
refinery with an initial capaciry of
120,000 barrels a day <strong>and</strong> possible
expansion to 250,000 barrels a day
KPC <strong>and</strong> IOC would each hold a 26%
stake, with the remaining shares to be
offered to the public . In Pakistan the
partner will be the State Oil Company,
<strong>and</strong> the Initiat refining capacity would
also be 120,000 barrels a day .
WRITTEN BY STUART ARNOLD AND
PRODUCED BY ADIL JILLA DF MEIAC, UK .
ALWAYS AHEAD IN A
FAST MOVING WORLD
l 1
6
P.O .Boz 22244 SafoI,130B3 Kuwait Te1 :4842000
2046 1 673409,
http://legacy.library.ucsf.edu/tid/agf97d00/pdf