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FINANCIAL NEWS
Kuwait’s KPC, UNIPEC sign crude supply deal
23 Aug 2014
(MENAFN) State-run Kuwait Petroleum Corporation (KPC) and China’s UNIPEC signed a significant deal that would almost double crude oil deliveries over a decade, QNA reported.
Under the agreement, KPC will provide UNIPEC crude oil, starting from 2014, with the volume expected to reach 300,000 barrels per day (bpd).
According to KPC, it is a strategic contract based on cost-and-freight (C&F) basis, which will involve utilizing of Kuwait Oil Tanker Co. Fleet.
“We are very proud to sign this 10-year contract, which marks an excellent achievement as a package,” KPC International Marketing Managing Director said.
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