Establishing a joint oil refinery in Vietnam by Kuwait Petroleum International (KPI) will provide further opportunities to market Kuwaiti oil, said KPI´s CEO Bakheet Al-Rashidi on February 21, 2017.
Al-Rashidi´s statement was made to KUNA in London, on the sidelines of the annual reception held by the company for its European customers, with the presence of presidents of Europaean oil companies and international oil experts.
The new refinery with a production rate of 200 000 barrels per day, is part of KPI´s strategy to expand the marketing of its products.
The refinery will be fully launched next July, he added.
Vietnam’s only 6.5 million ton/year Dung Quat refinery in Quang Ngai central province meets more than 30 % of the country’s fuel demand.
Meanwhile, the CEO noted the company is also planning to invest in the petrochemicals field, which is vital to face the unstable oil prices.
Al-Rashidi said the company´s office in London has put great efforts to increase its sales rates in Europe within the last 3 years.
Kuwait Petroleum International saw a rise in profits by 15% annually, the rate rose from 319 000 barrels per day in 2013-2014 to 450 000 barrels per day by now, he added.
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