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.



Gold Edges Up on Weak US Dollar, Political Uncertainty

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. - Reuters
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. - Reuters
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Gold Edges Up on Weak US Dollar, Political Uncertainty

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. - Reuters
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. - Reuters

Gold prices edged higher on Wednesday, aided by a weaker US dollar and political uncertainty following the latest import tariffs announced by US President Donald Trump.

Spot gold firmed 0.1% $2,918.83 an ounce as of 0955 GMT after rising nearly 1% on Tuesday. Prices hit a record high of $2,956.15 on February 24 and have gained 11% so far this year.

US gold futures rose 0.3% to $2,929.70.

"Uncertainty is food and water for gold and hence the bias on prices is to the upside," independent analyst Ross Norman said, Reuters reported.

"Gold looks content to consolidate after recent gains, but with one eye firmly on the $3,000 level."

The dollar index dropped to a three-month low, making bullion more appealing to other currency holders.

In an address to Congress, Trump said further tariffs would follow on April 2, including "reciprocal tariffs" and non-tariff actions aimed at balancing out years of trade imbalances. This came just after he followed through on new 25% tariffs on imports from Mexico and Canada that took effect on Tuesday, along with a doubling of duties on Chinese goods to 20%.

Meanwhile, top bullion consumer China unlocked more fiscal stimulus, promising greater efforts to support consumption and cushion the impact of an escalating trade war with the United States.

Markets now await the ADP employment report due at 1315 GMT and US nonfarm payrolls on Friday for cues on the US interest rate trajectory.

"Geopolitical events and tariffs are currently overshadowing economic data... Significant deviations from market expectations would be needed to create meaningful movement, and any reaction to this week’s ADP and payrolls data is likely to be short-lived," said Zain Vawda, market analyst at MarketPulse by OANDA.

Spot silver advanced 1% to $32.32 an ounce, platinum gained 1% to $970.20, and palladium added 1% to $951.50.