Kuwait National Petroleum Company (KNPC) has new projects planned in the next fiscal year worth KD500m ($1.8bn), a senior official has said.
According to Bakhit Shabib Al-Rashidi, KNPC deputy managing director for planning and local marketing, the company's projects already in operation were valued at KD1.5bn.
The KNPC official also told Kuwait News Agency that the company was mulling plans to privatise fuel stations nationwide soon.
"The company is currently planning to execute several large-scale dynamic projects, namely a fourth refinery, the production of environmentally-friendly fuel, a further two pipelines for liquefied gas, the removal of acidic gases project, and others on the way," he said.
Al-Rashidi added that there was no shortage in oil or gas products on the local market and demands of fuel stations were being met.
He added that Kuwait was trying to increase the value added of its energy products by setting up new refineries and marketing products on local and foreign markets.
The company posted profits estimated at KD462m in 2010-2011 and met the targeted production rate of 892,000 barrels a day.