Kuwait Petroleum Corporation (KPC) discussed funding mechanisms for the clean fuel project in a board of directors meeting on Sunday.
The project aims to boost capacity at oil refineries, run by Kuwait National Petroleum Company, and make production more environmentally friendly through upgrading refineries while reducing sulphur and carbon pollutants.
The meeting also discussed adopting the 2016-17 pricing of lean gas amongst KPC and its offshoot companies, according to official spokesperson Sheikh Talal Khaled Al-Ahmad Al-Sabah.
The board adopted several capital projects related to Kuwait Oil Company plans for a specifically-targeted production capacity of crude, and a project for the construction of permanent ports for the import of liquefied natural gas, more commonly known as LNG, at Al-Zour in the south.
They also discussed the 2015-16 operating and capital estimated budget of KPC's international marketing arm, Kuwait Petroleum International (Q8), added the official.