FINANCIAL NEWS

Kuwait posts 43.2% increase in crude exports to China in Jan

26 Feb 2012

(MENAFN) The Chinese General Administration of Customs said that crude oil imports from Kuwait surged by 43.2 percent in January from a year earlier to around 928,000 tons, reported Arabian Business.

The administration added that oil imports from the Gulf country represented 4 percent of China’s total crude oil imports in the month, compared with 3.9 percent in 2011’s same period.

It also said that Chinese refiners have sourced a growing amount of crude oil and petrochemical products from Kuwait since the country established its KPC Beijing Representative Office in 2005, with sales of more than USD10 billion at the current time, compared with only USD400 million in 2004.

It is worth noting that Kuwait aims to increase its crude oil exports to China to 500,000 barrels per day (bpd).

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