Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait eyes 500000 bpd oil exports to China in 3 years  Join our daily free Newsletter

MENAFN - Arab Times - 24/08/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times)  HONG KONG Aug 23 (KUNA): Kuwait plans to increase the volume of crude oil exports to China to 500000 barrels a day (bpd) and eventually to 800000 bpd an executive at the state-run Kuwait Petroleum Corporation (KPC) said Saturday. '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 500000 bpd in the next three years which is subject to availability' Nasser Al-Mudhaf KPC's Managing Director of International Marketing made remarks in an interview with Kuwait News Agency (KUNA) in Hong Kong. Al-Mudhaf is currently in the city where he signed a 10-year landmark deal on Friday with Unipec the trading arm of China's top refiner Sinopec to supply 300000 bpd of crude oil the biggest ever contract in KPC's history.   'This agreement is one of the most important crude contracts for KPC and is considered the biggest sales deal by volume and revenues in all regions' he said. According to the official the contract is not related to an ongoing joint project between KPC and Sinopec for the construction of a 300000 bpd refinery of which feedstock will be also supplied by KPC when the plant goes on-stream. 'If the joint venture materializes China-bound shipments may hit 800000 bpd.' he noted. Also on Friday Al-Mudhaf and Unipec President Chen Bo agreed to enhance energy cooperation between the two state-owned companies. The two put great emphasis on bilateral future cooperation and decided that their executives will meet annually at their headquarters either in Kuwait or China.   Supply Al-Mudhaf and Chen also agreed to hold monthly meetings between officials from KPC's Beijing Representative Office and Unipec headquarters from next month with the aim of the smooth execution of their long-term crude supply contract and support for business operations of KPC in the world's second biggest energy market. Asked about a Memorandum of Understanding in June signed by KPC Chief Executive Officer Nizar Al-Adsani and Sinopec Chairman Fu Chengyu in Beijing on enhanced cooperation between KPC and Sinopec in such areas as crude reserves storage and refinery project Al-Mudhaf replied that KPC is studying utilizing crude storages within China to facilitate the storages for the Chinese customers and market.    'This will give us more flexibility in the crude movements and operations in China and will add more services in addition to the ones we have already provided' he said. 'Sinopec is always growing and expanding in refining capacity in particular. I believe there will always be a room for sales expansion especially both managements share same interests security and reliability of supply.' Noting that Kuwaiti crude oil shipments to China in the 1st half of 2014 were 157000 bpd increased almost 9-fold from 18000 bpd of 2004 the official said the figures are clearly noticeable evidence that the business relationship between the two sides has been enhanced and flourished since the establishment of KPC Beijing Office in 2005.    'The Beijing office has also opened more opportunities and other areas of business cooperation between Kuwait and world's second-biggest energy importer. In addition it has closed the gap and shortened the distance between the supplier and consumer in particular' he said.   He went on to say that his department is attempting to have a foot hole around the globe as diversification is one of KPC's strategic directions while focusing on the growing Asian market. 'Asia is the logical geographical viable market with the fastest growing in demand. Moreover it has the highest netback among other markets.' In 2004 crude and petroleum products shipments to Asia account for around 80 percent of KPC's total exports according to Al-Mudhaf. KPC is also considering multiple joint ventures within Asia China India and Indonesia he added. Al-Mudhaf was accompanied by International Marketing Deputy Managing Director Jamal Al-Loughani Team Leader Mohammad Al-Qallaf Senior Crude Oil Sales Representative Anwer Al-Huraiti and Sales Representative Fahad Al-Radi. KPC Beijing Chief Representative Ahmad Al-Sallal was also present.

 


Arab Times




  MENA News Headlines
 Sep 28 2016 - Morocco- 10-Year-old Moroccan Boy Commits Suicide Over School SuppliesMorocco World News
(MENAFN - Morocco World News) The suicide of a ten year-old boy near the Moroccan city of Ifrane shakes social media in Morocco. A boy was found hanged using an electric wire in a small village in ...

 Sep 28 2016 - Shimon Peres, Nobel Prize Winner and Veteran of Israeli Politics, Dies at 93Morocco World News
(MENAFN - Morocco World News) Shimon Peres, the veteran Israeli statesman who shared a Nobel prize for his extensive efforts in negotiating a peace agreement with Palestine, has died on Tuesday. He ...

 Sep 28 2016 - Morocco- Police Officer's Generosity, Gives Grieving Black Man a New OutlookMorocco World News
(MENAFN - Morocco World News) Mark Ross got the call we never want to get. His 15-year-old sister was killed in a car accident. It was 3 A.M. He needed to travel from Indiana to Detroit to be with ...

 Sep 28 2016 - Egypt- Rights groups condemn treatment of detained 6 April Youth Movement coordinatorDaily News Egypt
(MENAFN - Daily News Egypt) The Egyptian Commission for Rights and Freedoms (ECRF) criticised the detention conditions of 6 April Youth Movement coordinator Amr Ali, who was imprisoned on charges of ...

 Sep 28 2016 - Kuwait- Maternity leave for pregnant womanArab Times
(MENAFN - Arab Times) I am working in a private clinic as a Staff Nurse. Regarding maternity leave our new supervisor says… only for the first pregnancy and delivery is the 68 days maternity leave ...

 Sep 28 2016 - Kuwait- Indemnity should be calculated by using the latest remunerationArab Times
(MENAFN - Arab Times) Can you please let me how to calculate my service indemnity. ■ Salary – KD 450. ■ Car allowance – KD75. ■ Petrol – they give me a card twice a month (KD 15 ...

 Sep 28 2016 - Kuwait- Friends matter, not interests - Stick to good in youArab Times
(MENAFN - Arab Times) Intisaar Al-Ma'touq LONG time ago, our grandfathers said, 'You are nothing if you have nothing.' Those were the good old days characterized by simplicity. At the time our ...

 Sep 28 2016 - UAE opens consulate in New York, strengthens ties with USKhaleej Times
(MENAFN - Khaleej Times) The United Arab Emirates opened the UAE Consulate in New York City and appointed Majid Al-Suwaidi as Consul General. The opening ceremony was officiated by Reem Al Hashimy, ...

 Sep 28 2016 - Sharjah FDI Forum set to explore ways to boost UAE-India tiesKhaleej Times
(MENAFN - Khaleej Times) The Sharjah Foreign Direct Investment Forum (Sharjah FDI Forum 2016), which takes place from September 28 to 29 at the Al Jawahar Reception and Convention Centre, will host ...

 Sep 28 2016 - UAE- MidEast Watch & Jewellery Show to open this weekKhaleej Times
(MENAFN - Khaleej Times) The Expo Centre Sharjah will host the 41st edition of the MidEast Watch & Jewellery Show from September 27 to October 1. This will be done with the support of the Sharjah ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help