A file picture dated 23 February 23, 2005 shows the pier at Kuwait's largest refinery of Al-Ahmadi, just north of Al-Shuaiba, 30 kms from Kuwait City. AFP PHOTO/YASSER AL-ZAYYAT
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Oil prices are expected to extend a rebound thanks to improved global growth, a drop in stockpiles and fewer drilling rigs, Kuwaiti Oil Minister Ali al-Omair said.Omair said that the oil sector had requested additional funding of more than one billion dinars ($3.3 billion) for the Gulf state's new refinery after bids by international consortia exceeded budget estimates.He said that the estimated cost of the 615,000-barrel-per-day (bpd) Al-Zour refinery would now surpass 5.0 billion dinars ($16.5 billion), up from the initial cost of $13.2 billion.Together with the $12-billion project to upgrade two of the existing three refineries, Kuwait plans to raise its output of refined products to 1.4 million bpd from 930,000 bpd currently.
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