Kuwait Launches Full Operation of Al-Zour Refinery

Kuwait’s Emir Sheikh Meshal al-Ahmed al-Sabah (C) participated in the opening of the Al-Zour oil Refinery
Kuwait’s Emir Sheikh Meshal al-Ahmed al-Sabah (C) participated in the opening of the Al-Zour oil Refinery
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Kuwait Launches Full Operation of Al-Zour Refinery

Kuwait’s Emir Sheikh Meshal al-Ahmed al-Sabah (C) participated in the opening of the Al-Zour oil Refinery
Kuwait’s Emir Sheikh Meshal al-Ahmed al-Sabah (C) participated in the opening of the Al-Zour oil Refinery

Kuwait’s Emir, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, on Wednesday kicked off the official celebration for the full operation of the Al-Zour Refinery.

This refinery ranks among the world’s top ten and accounts for 43.5% of Kuwait’s refining capacity. It comprises three smaller refineries.

Dr. Imad Al-Atiqi, Deputy Prime Minister and Minister of Oil in Kuwait, described Al-Zour refinery as one of the key projects in Kuwait’s development plans and a cornerstone of the 2040 Kuwait Petroleum Corporation’s strategic plan.

Al-Atiqi confirmed that the refinery has a significant role in supplying local power stations with clean fuel to meet the increasing demand for electricity due to population growth in the country.

He also explained that the pioneering project embodied the transformation of the developmental vision of “New Kuwait 2035.”

The project provided job opportunities for national labor, with approximately 1,400 recent graduates employed to participate in this monumental national industry, he added.

Al-Atiqi announced that with Al-Zour inauguration, they successfully achieved an extraordinary refining capacity exceeding two million barrels per day, distributed across six oil refineries, three of which located in Kuwait: Mina Abdullah, Mina Al-Ahmadi, and Al-Zour, collectively producing 1.415 million barrels per day.

The other three refineries are located outside Kuwait: Al-Duqm in Oman, Nghi Son in Vietnam, and Milazzo in Italy, with Kuwait’s share of their total production reaching approximately 600,000 barrels per day.

Kuwait Integrated Petroleum Industries Company (KIPIC) Acting CEO Eng. Wadha Al-Khateeb said the inauguration of Al-Zour Refinery was an accomplishment added to the Clean Fuel Project at Al-Ahmadi and Abdullah Ports Refineries, launched in March 2022, which was “a milestone in history of oil and gas industry in our beloved nation, particularly refining industry.”

Al-Zour Refinery will have a production capacity of 615,000 barrels per day, she said, a strong push for Kuwait oil refining in line with international environmental standards, which would also enable KPC and its affiliate companies to expand the export and marketing of their products.

She said Al-Zour Refinery was capable of receiving all kinds of oils and could produce high-quality products like fuel oil, diesel, naphtha and low-sulfur fuel oil.

These products, added Al-Khateeb, could be exported to more than 30 countries in the region and around the world through a pier attached to the refinery.

Al-Zour Refinery also includes the largest complex for sulfur cracking units, said Al-Khateeb.

She said the new refinery would boost the State of Kuwait’s refining capacity from 800,000 bpd to 1.415 million bpd.

Al-Zour Refinery, she went on, would also use treated water for industrial and irrigation purposes. It includes stations to monitor air quality and uses special boilers to reduce emissions.

She said the oil sector was keen on contributing to facing climate change to reach carbon neutrality by 2050.



Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
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Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)

President-elect Donald Trump on Friday said he will nominate prominent investor Scott Bessent as US Treasury secretary, a key cabinet position with vast influence over economic, regulatory and international affairs.

"I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States," Trump said in a statement released on Truth Social. "Scott is widely respected as one of the world's foremost international investors and geopolitical and economic strategists."

Wall Street has been closely watching who Trump will pick, especially given his plans to remake global trade through tariffs and extend and potentially expand the raft of tax cuts enacted during his first term, Reuters reported
The choice came after days of deliberations by Trump as he sorted through a shifting list of candidates. Bessent spent day after day at Trump's Mar-a-Lago home in Florida providing economic advice, sources said, a proximity to the president-elect that may have helped him prevail.
Other names that had been floated included Apollo Global Management Chief Executive Marc Rowan and former Federal Reserve Governor Kevin Warsh. Investor John Paulson had also been a leading candidate, but dropped out, while Wall Street veteran Howard Lutnick, another contender, was appointed as head of the Commerce Department.
Bessent, who did not immediately respond to a request for comment, has advocated for tax reform and deregulation, particularly to spur more bank lending and energy production, as noted in a recent opinion piece he wrote for The Wall Street Journal.
The market's surge after Trump's election victory, he wrote, signaled investor expectations of "higher growth, lower volatility and inflation, and a revitalized economy for all Americans."
"Bessent has been on the side of less aggressive tariffs," said Oxford Economics' Ryan Sweet, adding that picking him makes the steep tariffs Trump proposed on the campaign trail less likely.
Bessent follows other financial luminaries who have taken the job, including former Goldman Sachs executives Robert Rubin, Hank Paulson and Steven Mnuchin, Trump's first Treasury chief. Janet Yellen, the current secretary and first woman in the job, previously chaired the Federal Reserve and White House Council of Economic Advisers.
Republican US Senator Lindsey Graham from South Carolina, Bessent's home state, said in a statement: "President Trump's economic agenda is in good hands with Scott Bessent. I look forward to working closely with Scott and President Trump to lower inflation and create the golden age of prosperity for the American people."