Middle East Refining Technology Conference (MERTC) January 2017

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1 _ Middle East Refining Technology Conference (MERTC) January 2017 Ladies & Gentlemen, KNPC Projects, Current Priorities and Growth Plans Good Morning It is indeed a great pleasure to participate in the inaugural Middle East Refining Technology Conference (MERTC) and address this distinguished audience. MERTC, an inaugural flagship event for Middle East, is an ideal platform for Refining & Petrochemical players to collaborate with stakeholders for Technology, Innovation & Sustainable Development. I would like to thank World Refining Association (WRA) for providing this opportunity to address this conference on KNPC Projects, Current Priorities and Growth Plans. Before I proceed to speak on the subject matter, I would like to first give a brief overview of Oil Sector in Kuwait especially KNPC. MERTC-2017, Page 1 of 14

2 _ Oil & Gas operations by the State of Kuwait are handled by Kuwait Petroleum Corporation (KPC) and it s eight Subsidiaries. In Upstream Sector, KOC & KGOC operates domestically whereas KUFPEC i.e. Kuwait Foreign Petroleum Exploration Company undertakes upstream Operations outside Kuwait. In Midstream Sector ; KNPC, that I represents, handles Domestic Refining & Marketing Operations. KPI handles International Refining & Marketing PIC handles Domestic and International Petrochemical Operations & Marketing. MERTC-2017, Page 2 of 14

3 _ KAFCO handles Domestic Aviation Fuelling operations Furthermore, just recently a new company KIPIC (Kuwait Integrated Petroleum Industries Company) has been established to manage refining, petrochemical as well as LNG import Operations for the assets located in Al-Zour area. In Midstream Sector ; KPC- International Marketing handles International Marketing of Crude and Products. KOTC i.e. Kuwait Oil Tanker Company mainly involved in the ownership and management of tankers engaged in the transport of crude oil, refined petroleum products and liquefied petroleum gases (LPG). KPC in coordination with Ministry of Energy & Water develops Kuwait s energy growth projections and fuel requirements to meet local energy demand. MERTC-2017, Page 3 of 14

4 _ KNPC as Life Line of Kuwait is; Refining & Local Marketing arm of KPC Established in 1960, focused on Marketing initially Operates integrated three complex Refineries, as a Profit centre Refining capacity: 936,000 BPD. Current Gas processing capacity with 4 trains : 2.63 Billion SCFD Manages and Operates five Marine Export facilities Operates Temporary LNG Import Facilities since 2009 Over 6,500 employees MERTC-2017, Page 4 of 14

5 _ KNPC plays a central role in the hydrocarbon value chain of Kuwait, as it is responsible for Domestic Refining & Gas Processing to satisfy the local fuel demands from Power Generation, Transportation & Domestic Industries and supply products for International market. Let me know talk about the main topic i.e. KNPC Projects, Current Priorities and Growth Plans MERTC-2017, Page 5 of 14

6 _ Higher oil prices during the period , followed by unexpected fall in oil prices have started new realities in the markets, where plans and strategies are closely re-visited. The main features of the new order are (1) lower oil revenues, (2) investments reduced significantly. This challenging environment compelled the industry to overcome the challenges for sustainable operations and future growth. I will share with you some of the priorities/strategies that we have undertaken to achieve growth in uncertain world, which would include; MERTC-2017, Page 6 of 14

7 _ Lifting subsidies for retail prices as well as electricity. From 1 st September, the price of low octane petrol has been increased by 41 percent (85 fils a litre from 60 fils,) while high-grade petrol has been increased by 61 percent (105 fils from 65 fils). The price of environmentally friendly low-emission ultra petrol has been increased by 83 percent (165 fils a litre from 95 fils). Energy efficiency as well as rationalizing of consumption. Diesel and Kerosene prices were also rationalized in Jan 2015 to reduce the subsidies in light of falling crude oil prices. Next year, subsidy for electricity will also be lifted marginally. MERTC-2017, Page 7 of 14

8 _ KNPC as a downstream arm of KPC handles crude processing at three refineries with a Gas Plant and LNG import facilities. KNPC Profitability remained under pressure due to weak prices. We have implemented a rigorous program called COPI (Cost Optimization and Profit Improvement) to optimize the costs, identify and implement profit improvement opportunities. During total of about 130 million dollars, savings were achieved. We continue to focus on the strategic Priorities related to Safety, Operational Reliability, Financial/Operational Performance, Stakeholders Management, Human Capital and Future Growth Plans. MERTC-2017, Page 8 of 14

9 _ In Accordance with KPC s long-term strategic plan, KNPC has embarked on ambitious program to implement mega projects with an investment of around 40 Billion US$. During last two years, KNPC awarded and commenced EPC of four Mega projects i.e. Clean Fuels Project (CFP), Al-Zour Refinery, LNG Import and 5 th Gas Train in addition to various other ongoing critical and operational project. I have to emphasis that relatively an acceptable level of coordination with all stakeholders, have helped to speed up major and strategic projects and we target 2020 to be the year when most of these projects will be commissioned. MERTC-2017, Page 9 of 14

10 _ Our stakeholders includes; the government, the parliament, the media, the Kuwaiti public, the audit entities, the minister, the board and the management. We are exploring new means for financing future strategic projects to promote accountability and self-discipline within the organization. To meet the capital requirements KPC/KNPC had decided to go for Corporate Financing for CFP (Clean Fuels Project). Clean Fuel Project, is to upgrade existing Refineries into an integrated refining complex meeting the future diversified market requirements while maintaining high Safety and Environmental standards. MERTC-2017, Page 10 of 14

11 _ The financing comprises of a combination of commercial financing from Local and International (Conventional and Sharia Compliant) banks and ECAs (Export Credit Agencies) supported Finance. Early this year, a tranche loan of KD 1.2 Billion with local banks NBK and KFH has been concluded and the balance requirement from the international banks is expected to be finalized by end of this financial year. KNPC plays a vital role in meeting Kuwait Energy demand. Local energy demand is expected to grow significantly for power generation by around 6% annually. Demand for electricity more than doubled between 2003 and MERTC-2017, Page 11 of 14

12 _ Kuwait has one of the highest energy consumption rates per capita in the world. This is a result of a combination of factors, which are extreme weather conditions, heavy government subsidies of electricity, an increasing population, and energy-intensive water desalinization plants. To meet the Kuwait energy demand, KNPC is implementing two major projects: Al-Zour refinery project will be one of the largest grass-root refinery in the world. This project will meet the Low Sulfur Fuel requirement for power plants. The Refinery is in the execution phase and is expected to be completed by Dec MERTC-2017, Page 12 of 14

13 _ Al-Zour LNG Import facilities project, having capacity of 3000 BBTU/Day. EPC Contract singed this year in March 2016, and is expected to be completed by February LNG imports is a step towards climate change agenda that soared an importance in recent years, especially after the Paris COP21 in December The Al-Zour Refinery complex is an integrated Refinery Petrochemical complex having the LNG Import Facilities as well. As I have highlighted earlier a new company is recently formed to operate these assets. Kuwait Crude Capacity will be 1.4 million b/d by 2020, 51% increase from current capacity. This would enhance the refining complexity and improve refining margins. Further, to effectively utilize the upstream gas production, 4 th Gas train project is commissioned in this financial year. The 5 th Gas train project EPC Contract was awarded in June 2015, and is expected to be completed by July KNPC continues to play leading role in the development of Kuwait economy, and in order to further boost the Economy of the State of Kuwait. Now I wish to briefly discuss the road towards stable and balanced oil markets; 1. Oil prices have recovered following last Algeria OPEC Ministerial meeting where OPEC had agreed on a ceiling of million barrels per day and thereafter OPEC announcement of production cut of about 1.2 Million Bbl/day during end November 16 and an MERTC-2017, Page 13 of 14

14 _ agreement with Non-OPEC countries in December 16 for a production cut of about 558,000 Bbl/day. 2. We believe that this international commitment by OPEC and NON OPEC and an effective cooperation to implement the agreement would rebalance the markets again. 3. The recovery towards rebalance has started, but we need to understand that the surplus will need more time to be drawn. I am confident that second half of 2017 will show the rebalance. 4. The price level is the product of market developments and fundamentals, and I believe that $ 50+ per barrel is a level that will continue with us probably until next year. However, $ 60 per barrel is likely to be also there but subject to continued draw down in the stocks. 5. The $ 70 per barrel is not there until the market absorbs the additional crude expected from Libya, Nigeria, possibly Iraq and Iran. With the implementation of mega projects, I am sure KNPC will be in a position to capitalize on the market opportunities and meet the challenges ahead in order to be among the regional leaders in the middle-east refining sector. Furthermore, prices have to recover to levels that will encourage investments. Having two years of reduction in investments' allocations for upstream on global basis will certainly not be for the well-being of the industry, and hence oil prices will need to recover to the acceptable levels that would stimulate adequate future investments. With this, I thank you all and special thanks for inviting me to MERTC MERTC-2017, Page 14 of 14

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