Fire at Kerosene Production Unit in Kuwait’s Mina Abdullah Refinery under Control

Kuwait’s Mina Abdullah oil refinery. (KUNA)
Kuwait’s Mina Abdullah oil refinery. (KUNA)
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Fire at Kerosene Production Unit in Kuwait’s Mina Abdullah Refinery under Control

Kuwait’s Mina Abdullah oil refinery. (KUNA)
Kuwait’s Mina Abdullah oil refinery. (KUNA)

The Kuwait National Petroleum Company (KNPC) announced on Wednesday that it had completely put out the fire that broke out in a kerosene production unit in Mina Abdullah's refinery Tuesday, reported the KUNA news agency.

The company's fire department put out the blaze as soon as it occurred at 11:34 pm and no workers were injured in the incident, KNPC's Deputy CEO for Administrative and Commercial Affairs and Spokesman Bassem Al-Essa told the agency.

He added that KNPC is evaluating the damage caused by the fire and has also launched an investigation into the incident.

Meanwhile, Al-Essa noted that the kerosene supplies and the refinery's units were not affected by the fire and are working normally.



Fitch Ratings Affirms Saudi Arabia's Credit Rating at 'A+' with Stable Outlook

The King Abdulaziz Center for World Culture is lit up on the occasion of Saudi national day. (SPA file)
The King Abdulaziz Center for World Culture is lit up on the occasion of Saudi national day. (SPA file)
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Fitch Ratings Affirms Saudi Arabia's Credit Rating at 'A+' with Stable Outlook

The King Abdulaziz Center for World Culture is lit up on the occasion of Saudi national day. (SPA file)
The King Abdulaziz Center for World Culture is lit up on the occasion of Saudi national day. (SPA file)

Fitch Ratings affirmed on Friday Saudi Arabia’s credit rating at "A+" with a Stable Outlook, according to a recent report.

The agency stated that the rating reflects the strength of the Kingdom’s financial position. It noted that Saudi Arabia’s debt-to-GDP ratio and sovereign net foreign assets are significantly stronger than the "A" and "AA" rating category medians.

It also highlighted that the Kingdom holds substantial financial reserves in the form of deposits and other public sector assets.

Fitch expects sovereign net foreign assets to remain a core credit strength, reaching 35.3% of gross domestic product (GDP) in 2027 - a high ratio compared to the "A" median of 3.1% of GDP.

The agency also highlighted the Kingdom’s ongoing fiscal reforms, which aim to enhance the public budget's resilience to oil price fluctuations. These reforms, along with the continued improvement in non-oil revenues, are seen as supportive of Saudi Arabia’s credit profile.