Latest news with #KNPC
Arab Times
15-05-2025
- Business
- Arab Times
Kuwait's solar energy powers 16m gas cylinders a year
KUWAIT CITY, May 15: Acting Chief Executive Officer (CEO) of Kuwait Oil Tankers Company (KOTC) Sheikh Khaled Al-Sabah has announced that Kuwait is now producing 16 million gas cylinders annually using solar energy through the Umm Al-Aish and Shuaiba plants, which have a combined production capacity of seven megawatts without using electricity from the national power grid. This is considered a significant move towards using solar energy to generate electricity in order to reduce reliance on electricity loads. Speaking at the inauguration ceremony for the conversion of production in both plants to solar power, Sheikh Khaled Al-Sabah affirmed that this step is in line with the strategic plan of the country to reduce carbon emissions and achieve carbon neutrality by 2050. He described the project as a vital part of the ongoing effort to reduce reliance on conventional energy and limit environmental impact. He also highlighted the aspiration of the company to expand its oil tanker fleet, which currently includes 31 vessels. He revealed a comprehensive strategy is being developed and will be announced soon, reaffirming that KOTC continues to meet all marketing demands and remains a key player in the energy logistics of the country. He added the shipping operations of KOTCH remain stable, even amid global trade tensions, thanks to strategic planning for crisis scenarios. He confirmed that the current trade war has not affected the markets of Kuwait Petroleum Corporation (KPC). 'Our distribution and marketing operations are built on long-term, strategic relationships,' he asserted; while stressing the commitment of the country to fulfill all international contracts. He added Kuwait maintains a strong overseas presence with seven million barrels of oil stored in Asia -- three million in Japan and four million in South Korea. He disclosed that KPC has a comprehensive strategic plan to study markets and market needs, determine development capacity and increase vessels based on market data. Asked about the merger of the two gas plants into the Kuwait National Petroleum Company (KNPC), he confirmed that the integration of the Umm Al-Aish and Shuaiba gas plants into KNPC is moving forward as per an ambitious plan. He said KNPC currently provides gas to KOTC tankers, highlighting the synergy between national entities. On the other hand, Director of the Projects and Maritime Agency Group at KOTC Yousef Al-Khamis stated that the solar energy conversion project cost around KD1.9 million; indicating this investment is expected to save about 16,000 barrels of oil annually and generate 11,000 megawatts of clean energy; thereby, easing pressure on the national electrical grid. Al-Khamis also unveiled the plan to establish a third gas cylinder factory in Kabad, while the two existing plants can meet domestic demand until 2030. He said the expansion is part of the company's long-term strategy. He also addressed concerns about misuse of household gas cylinders by restaurants. 'We are coordinating with the Cooperative Societies Union and the Ministry of Commerce to implement mechanisms that prevent restaurants from using cylinders designated for residential use, instead of commercial cylinders,' he added.
Gulf Business
16-04-2025
- Business
- Gulf Business
Kuwait unites oil giants: Merger of KNPC, KIPIC begins
Image credit: KUNA The Kuwait National Petroleum Company (KNPC) has announced the commencement of the merger process with the Kuwait Integrated Petroleum Industries Company (KIPIC). Read- KNPC Chief Executive Officer and Acting CEO, Engineer Wadha Al Khatib, stated that the merger is based on well-studied legal and professional foundations aimed at strengthening Kuwait's oil sector companies under KPC. She emphasized that the initiative seeks to unite efforts based on each company's specialization, expanding their capabilities and enabling greater achievements. Impact of the m erger Al Khatib highlighted that the merger will ultimately result in a successful model for transitioning into a larger economic entity aligned with the strategic ambitions of both sectors and the achievement of Kuwait's Sustainable Development Goals (SDGs). She also noted that the rapidly evolving global oil and gas industries place a significant responsibility on Kuwait's energy sector to adapt and respond effectively to these changes. Furthermore, she reaffirmed the sector's commitment—through KPC and its subsidiaries—to continue meeting its obligations to clients while sustaining growth in line with Kuwait's leadership in the international energy industry. Strategic p lans of the s ector Al Khatib pointed out that the sector continually reviews its strategic plans and reassesses its goals to ensure the success of the merger, with a strong focus on measuring operational performance as part of its long-term objectives. Addressing employees, Al Khatib reaffirmed her commitment to keeping them fully informed about the upcoming steps, underlining that staff remain a top priority for KNPC's leadership and are vital to the success of its future goals.
Zawya
15-04-2025
- Business
- Zawya
Kuwait commences merger of state oil firms KNPC and KIPIC, Kuna reports
DUBAI: Kuwait has begun taking executive steps to merge two of its state-owned oil firms, news agency Kuna reported on Tuesday, as the OPEC producer seeks to restructure its energy industry. Kuwait National Petroleum Company (KNPC) plans to acquire Kuwait Integrated Petroleum Industries Company (KIPIC), Kuna reported citing KNPC Chief Executive Officer Wadha Al-Khateeb. KNPC is in charge of Kuwait's refining industry while KIPIC is responsible for facilities at the Al Zour refinery. The rapidly evolving global oil and gas industries place a great responsibility on the country's energy sector to adapt and enhance to such changing dynamics, Kuna cited Al-Khateeb as saying. She also reaffirmed the sector's commitment to fulfilling obligations to clients while sustaining growth in line with Kuwait's position in the international energy industry, Kuna reported. Concern about the impact of U.S. trade tariffs have created uncertainty for global oil markets, pushing Brent crude prices down by more than 20% within a week to a four-year low. Prices have since recovered some ground to about $66 a barrel from below $60. Kuwait's production capacity is over 3 million barrels per day, Kuwait Petroleum Corporation (KPC) CEO Sheikh Nawaf Saud al-Sabah told reporters in January. The wealthy Gulf state last year said it made a giant oil discovery with estimated reserves of 3.2 billion barrels. (Reporting by Jana Choukeir and Hadeel Al Sayegh; Editing by Gerry Doyle and Christopher Cushing)
Arab Times
24-02-2025
- Business
- Arab Times
Kuwait's public and private sectors unite to combat carbon emissions and meet climate goals
KUWAIT CITY, Feb 24: Kuwait is witnessing an increasing level of collaboration between its public and private sectors, with a shared focus on combating carbon emissions and promoting environmental sustainability. These efforts align with international environmental standards and Kuwait's commitment to global climate change goals. Key stakeholders from both sectors recently spoke to Kuwait News Agency (KUNA) about their roles in reducing the country's carbon footprint. Narjes Al-Hajj, a chemical engineer at the Public Authority for Industry (PAI), emphasized the industrial sector's eagerness to reduce carbon emissions by adopting the latest technologies and utilizing clean fuel sources. She highlighted that the National Industrial Strategy of 2035, outlined by PAI, aims to reinforce environmental sustainability in line with international agreements and Kuwait's 2050 carbon reduction strategy. Although the industrial sector accounts for only 2.15% of Kuwait's carbon emissions, Al-Hajj noted that the energy and water desalination sectors are the largest contributors, accounting for 95.8% of the nation's total emissions. Asmaa Al-Sallal, Senior Engineer at the Ministry of Electricity, Water, and Renewable Energy, revealed that the ministry has launched several initiatives aimed at reducing carbon emissions, particularly in desalination plants. By implementing advanced technologies, including the use of recycled CO2 in operations, the ministry has saved approximately 1,221 tons of carbon emissions annually. This initiative has also led to significant cost reductions in boiler construction and fuel consumption. Dalal Al-Ajmi, Head of the Climate Change Department at the Environment Public Authority (EPA), reiterated Kuwait's commitment to the United Nations Framework Convention on Climate Change. She stated that Kuwait aims to achieve carbon neutrality by 2050, with a short-term goal of reducing emissions by 7.5% by 2035. Key initiatives include expanding renewable energy use, improving energy efficiency, and developing rapid transportation solutions. Al-Ajmi also highlighted Kuwait's focus on the Circular Carbon Economy (CCE), which aims to reduce, reuse, and recycle carbon emissions. This includes initiatives like mangrove reforestation, where each tree sequesters up to 12.3 kilograms of CO2 annually. On the energy front, the Kuwait Oil Company (KOC) has unveiled an ambitious plan to capture 26 million tons of CO2 annually by 2050. This project, coordinated with other entities under Kuwait Petroleum Corporation (KPC), will unfold in three stages, beginning in 2030. The captured carbon will be stored in geological reservoirs, contributing to enhanced oil and gas extraction while reducing the overall carbon footprint. The Kuwait National Petroleum Company (KNPC) has also been proactive in reducing greenhouse gas emissions. Through flare gas recovery units (FGRUs) at its Mina Abdullah and Mina Al-Ahmadi refineries, KNPC has reduced emissions by 91,736 tons and 54,419 tons annually, respectively. The company plans to expand these units across additional refineries and further enhance energy efficiency, aiming for a 12% reduction in energy consumption and emissions. In the academic sector, the Kuwait Foundation for the Advancement of Sciences (KFAS) launched the "White Paper for Energy Transition," a comprehensive roadmap to transform Kuwait's energy system from its reliance on fossil fuels to a sustainable, low-carbon framework. Dina Al-Naqeeb, Program Manager at KFAS, emphasized that this transition could unlock $392 billion in economic opportunities while significantly reducing carbon emissions. Kuwait aims to achieve carbon neutrality in the oil sector by 2050 and nationwide by 2060. The transformation will include reducing oil and gas consumption, planting 340 million trees, installing 500,000 smart electricity meters, and converting 75% of government and private vehicles to electric or hybrid models. EQUATE Petrochemical Company is also contributing to Kuwait's green initiatives. The company has launched a carbon capture project at its Ethylene Glycol plant, capturing 735,460 tons of CO2 since its inception. The captured carbon is sent to the Kuwait Industrial Gases Company for reuse, contributing to the circular carbon economy. EQUATE plans to capture 4.3 million tons of CO2 by 2050, supporting the green economy and sustainable industrial practices. The Kuwait Institute for Scientific Research (KISR) is further advancing Kuwait's environmental efforts by developing turquoise hydrogen technologies to reduce carbon footprints in heavy industries. KISR has also pioneered methods for recycling CO2 in concrete production, resulting in a 30% reduction in emissions. This technology plays a key role in promoting the circular carbon economy in the construction sector. These coordinated efforts demonstrate Kuwait's commitment to achieving environmental sustainability and meeting its international climate obligations. By embracing clean technologies, enhancing energy efficiency, and promoting carbon recycling, the country is advancing its vision for a low-carbon economy while contributing to the global fight against climate change.
Zawya
30-01-2025
- Business
- Zawya
Kuwait set to launch oil firm mergers within restructuring in Q2 2025
OPEC producer Kuwait will soon launch plans to merge some of its state oil companies as part of a restructuring programme intended to boost performance and cut costs. The Kuwait Petroleum Corporation (KPC), which manages the Gulf country's hydrocarbon sector, will oversee the restructuring plan, which has been approved by the cabinet and the Supreme Petroleum Council. In a report this week, the Arabic language daily Alseyassah said the first merger process involves the Kuwait National Petroleum Company (KNPC) and the Kuwait Integrated Petrochemical industries Company (KIPIC). It said the merger of the two KPC-affiliated firms could begin at the start of the 2025-2026 fiscal year, which begins on April 1. The Kuwaiti daily Alanba said in 2024 that KNPC has devised plans for the merger of 4 of its subsidiaries and that the process would start at the end of March. It said the merger would involve KIPIC with KNPC and the Kuwait Oil Company (KOC) with the Kuwait Gulf Oil Company (KGOC), which manages Kuwait's oil interests in the Neutral Zone shared by Saudi Arabia and Kuwait. (Editing by Anoop Menon) (
