Kuwait Operates Fifth LNG Line at Mina al-Ahmadi Refinery

 Part of the fifth liquefied gas pipeline project at Mina al-Ahmadi refinery. (Kuna)
Part of the fifth liquefied gas pipeline project at Mina al-Ahmadi refinery. (Kuna)
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Kuwait Operates Fifth LNG Line at Mina al-Ahmadi Refinery

 Part of the fifth liquefied gas pipeline project at Mina al-Ahmadi refinery. (Kuna)
Part of the fifth liquefied gas pipeline project at Mina al-Ahmadi refinery. (Kuna)

Kuwait National Petroleum Company (KNPC) said Thursday it was operating a fifth liquefied natural gas (LNG) line at Mina al-Ahmadi refinery.

KNPC CEO Waleed al-Bader said the line adds 805 million standard cubic feet (mn ft3) to the company’s capacity and 106,000 barrels of condensates, an increase of about 30%.

The total capacity of the five lines combined will be 3.125bn ft3/day and 332,000 barrels of condensates

This step reflects the company’s goal to expand profitable derivatives that comply with the requirements and environmental standards of global markets.

Gas derivatives are considered the company’s best products in terms of being eco-friendly and very profitable, Bader said, adding that the project provides work opportunities for national cadres.

Chairman of Mina Al-Ahmadi Refinery Shujaa al-Ajmi, for his part, said the project works on treating natural gas extracted from oil wells, as well as producing methane, ethane, propane and butane gases and natural gasoline.

He said it includes a secondary unit that produces clean fuel gas, bolstering safety levels.

He pointed out that it was operated successfully despite delays in equipment importing and difficulties in providing specialized technicians due to the pandemic.

Acting chairman Ghanim al-Otaibi said that this large-scale project required, at one point, 6,900 workers on site, and a total of 57 million working hours, ruling out any dangerous accidents as a result of the applied safety measures.

He said the company is keen to incorporate local businesses in the project, as the private sector's share comprised 20% of the total cost, adding that local companies also participated in importing equipment and construction work.



Turkish Central Bank 2024 Loss Around $18 billion

A logo of Türkiye's Central Bank is pictured at the entrance to its headquarters in Ankara, Türkiye February 8, 2024. REUTERS/Cagla Gurdogan/File Photo
A logo of Türkiye's Central Bank is pictured at the entrance to its headquarters in Ankara, Türkiye February 8, 2024. REUTERS/Cagla Gurdogan/File Photo
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Turkish Central Bank 2024 Loss Around $18 billion

A logo of Türkiye's Central Bank is pictured at the entrance to its headquarters in Ankara, Türkiye February 8, 2024. REUTERS/Cagla Gurdogan/File Photo
A logo of Türkiye's Central Bank is pictured at the entrance to its headquarters in Ankara, Türkiye February 8, 2024. REUTERS/Cagla Gurdogan/File Photo

Türkiye 's central bank posted a loss of 700.4 billion lira ($18.4 billion) in 2024, according to its balance sheet published in the Official Gazette on Tuesday.

In 2023, the bank had posted a loss of 818.2 billion lira (or $25 billion at that time).

The loss, stemming from a foreign exchange-protected deposit scheme, prompted the central bank to pass on distributing profit to the Treasury in 2023 and now in 2024, Reuters reported.

The central bank will convene its general assembly on April 30 in Ankara to discuss the 2024 results.

Meanwhile, the Turkish budget showed a deficit of 261.5 billion lira ($6.87 billion) in March, while there was a primary deficit of 100.2 billion lira, the Treasury and Finance Ministry said on Tuesday.