Refinery Budget Raised To US$14bn

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The Kuwait National Petroleum Corporation (KNPC) has increased its budget for the new al-Zour refinery to US$14bn according to a company spokesman. The news follows a report in Middle East Economic Digest (MEED) that 30 companies have submitted prequalification applications for the project, and suggests that Kuwaiti authorities have accepted that further investment in energy infrastructure will require greater financial incentives than they were hitherto prepared to offer.