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
 Oct 23 2016 - Art for sight’s sakeMoorfields launches unique Sense of Sight competition challenging UAE artists to celebrate the gift sight, in 3D80% of vision related problems are manageable through early detectionMENAFN Press
(MENAFN Press) To mark World Sight Day 2016 in October, Moorfields Eye Hospital Dubai and Moorfields Eye Hospital Centre Abu Dhabi have launched a competition in the UAE inviting the professional ...

 Oct 23 2016 - FERG records spike in foreign currency transactions powered by tourism activityMENAFN Press
(MENAFN Press) The Foreign Exchange and Remittance Group (FERG), comprising businesses engaged in money exchange and remittances, has recorded a 10-15% increase in foreign currency exchange ...

 Oct 23 2016 - SIAL 2016 to build on AED3.7 billion deals done last year as ME imports increaseMENAFN Press
(MENAFN Press) Held under the patronage of HH Sheikh Mansour Bin Zayed Al Nahyan Deputy Prime Minister of the UAE, Minister of Presidential Affairs and Chairman of Abu Dhabi Food Control Authority, ...

 Oct 23 2016 - Abeer Medical Group expands its operations to the UAE market The group eyes additional investments across the GCC regionMENAFN Press
(MENAFN Press) Abeer Medical Group, an international healthcare provider known for establishing prominent hospitals and medical centers in the GCC region, announced today its plans to expand its ...

 Oct 23 2016 - Dubai FDI launches skills development programme to drive investment and support servicesMENAFN Press
(MENAFN Press) The Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development (DED), in partnership with the Conway Advisory and Global FDI Association, has ...

 Oct 23 2016 - Emirati lady gives birth to quadruplets at Danat Al Emarat Hospital in Abu DhabiMENAFN Press
(MENAFN Press) An Emirati lady recently gave birth to quadruplets—three boys and a girl—at Danat Al Emarat Hospital for Women & Children in Abu Dhabi. The babies were delivered in the 31st week of ...

 Oct 23 2016 - Sharjah National Hotels expects strong fourth-quarter nearly doubling the performance of last yearMENAFN Press
(MENAFN Press) Sharjah National Hotels, which comprises a group of hotels and resorts situated in various picturesque locations in the emirate, has seen positive growth at the end of its third ...

 Oct 23 2016 - Smiles n’ Stuff Friday Promotion puts the spotlight on the creativity of Al Noor Training Centre students by showcasing their handcrafted productsMENAFN Press
(MENAFN Press) Creativity is a gateway towards self-expression and paves the way for satisfying one’s soul. At Al Noor Training Centre, creativity plays a major part in shaping its community of ...

 Oct 23 2016 - Nikki Beach Resort & Spa Dubai Hosts Kids Taster MenuMENAFN Press
(MENAFN Press) In honor of Cancer Awareness Month, the soon-to-open Nikki Beach Resort & Spa Dubai hosted a group of ladies and children from ‘Pink Ladies Dubai’ for a sneak peek tasting session of ...

 Oct 23 2016 - Arab League's General Secretary Receives Abu-GhazalehMENAFN Press
(MENAFN Press) Ahmed Abu El Gait, General Secretary of the League of Arab States, received HE Dr. Talal Abu-Ghazaleh, chairman of Talal Abu-Ghazaleh Organization (TAG-Org) at his office at the ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


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