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Fire Erupts at Kuwait Oil Refinery

Kuwait's National Petroleum Company logo
Kuwait's National Petroleum Company logo
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Fire Erupts at Kuwait Oil Refinery

Kuwait's National Petroleum Company logo
Kuwait's National Petroleum Company logo

A fire erupted on Monday at a major oil refinery in Kuwait, the state-owned oil company said, reporting that some workers suffered from smoke inhalation and other light injuries.

The blaze at the key Mina al-Ahmadi oil refinery did not affect the electrical supply or oil exports, according to Kuwait's National Petroleum Company.

"The refinery operations and export operations were not affected and there has been no impact to local marketing operations and supplies to the electricity and water ministry," KNPC said on its Twitter account.

Several oil contractors were receiving treatment for their burns at a nearby hospital, the company said.

Some workers had been treated on site while others had been taken to hospital and were in stable condition, it added.

Firefighters were working to extinguish the blaze in the refinery's treatment unit, which removes sulfur from the oil products.

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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.