Nasser Al-Mudhaf, KPC’s managing director of International Marketing told the Kuwait News Agency (Kuna), that Kuwait plans to increase the volume of crude oil exports to China to 500,000 barrels a day (bpd) in three years. On Monday, Kuwait concluded a new 10-year deal with a China’s Sinopec Corp to nearly double its supplies by offering to ship the oil and sell it on a more competitive cost-and-freight basis. “With new and mutual cooperation between the two parties, there is a good sign of increasing the volume of our crude oil exports to China up to 500,000 bpd in the next three years,” he added. Under the deal signed this week, KPC will initially export 300,000 barrels per day (bpd) of crude oil, which would amount to 15 per cent of Kuwaiti petroleum exports and estimated to be worth $120bn.
Tuesday, August 26- 2014 @ 9:04 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.