Page 14 - MEOG Week 01 2023

MEOG NEWS IN BRIEF MEOG

indication of the country’s success in bringing of gas condensates has been produced in the and its subsidiaries will continue with about
inflation under control, Bahadori Jahromi refinery.” 13 local and foreign companies, some of
noted. Pointing out that the South Pars Gas which are listed and others operational in
The spokesman went on to say that the Complex has been able to play a very effective various sectors of petrochemicals and support
60 percent growth in foreign income was and constructive role in the country’s services for oil and gas production, with a
achieved during the first ten months of the economy, he added: “Considering the cold value of KD 738.5 million.
Iranian calendar year (starting on March 21, season and peak gas consumption and the KPC monitors these investments in a
2022). country’s need for maximum and sustainable manner of ownership rights. KPC directly
The government spares no effort to foil gas production with the cooperation and or indirectly owns a stake in the capital of
the sanctions and take measures to remove round-the-clock efforts of employees and those companies that does not exceed 49.9
them, he said adding that the government will specialists, the refinery has processed more percent, and whose headquarters are located
not tie the country’s economy to the issue of than 12 million cubic meters of gas in the last inside and outside Kuwait. The data showed
sanctions. 9 months.” that KPC’s largest investment is in SK Peak in
As he stressed, the key to removing the The director of the 10th Refinery of South Korea at a value of KD 148.8 million,
problems is inside the country. the South Pars Gas Complex, referring and then a stake in SK Advance at a value of
Once, Iran’s President Ebrahim Raisi said to the knowledge and ability of Iranian KD 40.6 million, which is the acquisition deal
that he would not tie people’s livelihoods manufacturers and knowledge-based carried out by the Petrochemical Industries
to the Joint Comprehensive Plan of Action companies, stated: “In the shadow of Company to acquire 49 percent of the existing
(JCPOA). very good and constructive interaction specialized petrochemical plants that are
MENAFN and cooperation with knowledge-based owned by the Korean company SKC.
companies and domestic parts and equipment KPC’s contribution to Al-Oula Fuel
manufacturers, achievements and increase in Company and Al-Soor Company for Local
GAS good production in the gas and by-products Fuel Marketing is 24 percent for each
sector have been garnered.” company, amounting to KD 17.1 million for
South Pars Phase 19 flaring production of other products of the 10th Al-Oula Company and KD 16.4 million for
Nemati pointed to the amount of
Al-Soor Company. The investments of the
lowered dramatically refinery in the last 9 months of this year, and Kuwaiti Company for Excavations amounted
announced: “In the 9 months of the year,
to 49 percent, with a value of KD 47.3 million,
The director of the 10th Refinery of the 194,000 tonnes of ethane, 268,000 tonnes of and the investments of the Kuwaiti-Yemeni
South Pars Gas Complex said by carrying out propane, 215,000 tonnes of butane and 62,000 Company (Aden) amounted to KD 12,700.
repairs of critical equipment at the refinery, tonnes of sulphur have been produced in the KPC has a 33.3 percent stake in the Gulf
a stunning reduction in the gases sent to the 10th refinery of South Pars.” Petrochemical Industries Company at a value
flare stacks has happened in the refinery. SHANA of KD 52.22 million.
According to South Pars Gas Complex, As for the investments in EQUATE
Mohammad Nemati, while announcing Company, which amounts to 42.5 percent,
production of more than 13 million barrels SERVICES the value is about KD 79.2 million. In the
of gas condensate from the beginning of Equate Marketing Company in Bahrain, the
the current Iranian calendar year on March KPC to continue investing value of the KPC investment in it is estimated
21 at the 19th phase of the massive South at KD 87,100. The data also showed that the
Pars gas field, stated: “With the efforts and with 13 local, foreign investments of the Kuwait National Petroleum
significant and innovative measures of the Company amounted to KD 50.8 million, and
specialists and employees of the economic companies the investments of KBC Holdings (Europe)
front of the 10th South Pars Refinery, from the amounted to KD 211.5 million.
beginning of this [calendar] year to the end of According to financial data obtained by Al- ARAB NEWS
November 21, more than 13 million barrels Anba daily, Kuwait Petroleum Corp. (KPC)

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