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FINANCIAL NEWS
Kuwait to increase oil exports to China in 3 years
24 Aug 2014
(MENAFN) Kuwait Petroleum Corporation (KPC), said that the country eyes to increase oil exports to China to reach 500,000 barrels a day (bpd), hoping to reach 800,000 as soon as possible, KUNA reported.
The KPC”s Managing Director of International Marketing said that concerning the good ties between the two parties, there is a good sign of increasing the volume of oil exports to China to reach 500,00 bpd in the next three years.
Al-Mudhaf has signed a 10-year landmark deal with Unipec, the trading arm of China”s top refiner Sinopec, to supply 300,000 bpd of crude oil, the biggest ever contract in KPC”s history.
This contract is not related to an ongoing joint project between KPC and Sinopec for the construction of a 300,000 bpd refinery, of which feedstock will be also supplied by KPC when the plant goes on-stream.
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