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    Thursday, May 22, 2008

    Kuwait doubles oil export capacity, effective March '09

    ABU DHABI — Kuwait has reported a doubling of its crude oil export capacity.

    The state-owned Kuwait Oil Co. reported a capacity of 2.6 million barrels per day. Executives said the sheikdom has reached a total projected production capacity of 3.4 million barrels per day. On Wednesday, the price of crude oil reached $134 per barrel.

    KOC chairman Sami Al Rashid said his company has launched two phases of the Export Facilities Project, constructed by South Korea's Hyundai Heavy Industries. Al Rashid said the project was scheduled to be completed in March 2009 and would increase oil exports to 3.4 million barrels per day.

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    The export facility was expected to add 800,000 barrels per day to the state-owned Kuwait National Petroleum. The facility was meant to raise KOC's crude storage capacity to 11.5 million barrels.
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