FINANCIAL NEWS

Kuwait considering alternatives for crude export

10 Apr 2012

(MENAFN) Kuwait Petroleum Corp (KPC) said it is studying other alternatives to export crude oilin case the Strait of Hormuz was blocked, Bloomberg reported.

CEO Farouk Al Zanky said the company is mulling a number of options including the possibility of transporting oil to the UAE, adding that the decision should be taken at a much higher level than KPC.

Iran threatened earlier this year to close the waterway at the mouth of the Persian Gulf in response to sanctions that the US and Europe are imposing because of its controversial nuclear programme.

In January, UAE Oil Minister Mohammed Al Hamli said a pipeline that would allow crude oil from the UAE to bypass the Strait of Hormuz is almost complete and will be operational by May or June.

Kuwait, which pumps an average of 3 million barrels of crude oil per day, has spare output capacity of 150,000 to 200,000 barrels, Kuwait Oil Co chairman Sami al-Rushaid said.

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