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
 Dec 4 2016 - First Bloomberg Markets Most Influential Summit Abu Dhabi to Convene the Leaders and Innovators in Finance Shaping the Future of InvestingMENAFN Press
(MENAFN Press) The Bloomberg Markets Most Influential Summit will make its Middle Eastern debut in Abu Dhabi this week, convening global financial leaders and investors who are moving markets, ...

 Dec 4 2016 - Farid Chedid Chairman and CEO of Chedid Re named ‘MEA Industry Achiever of the Year’ at the 2016 MEA Risk & Insurance Excellence AwardsMENAFN Press
(MENAFN Press) Beirut, Lebanon, December 4, 2016 : (ME NewsWire) During a special honoring ceremony held at the Four Seasons Hotel in Dubai, the publishers of Global Reinsurance and StrategicRISK ...

 Dec 4 2016 - Saudi, Qatari, UAE, Turkish Joint Statement on Calling to Hold UN General Assembly Formal Plenary Session on Syria 3 United NationsSaudi Press Agency
(MENAFN - Saudi Press Agency) The statement added that "We have seen in recent weeks, the launching of heavy unleashed military aggression against Aleppo and its neighboring areas with severe ...

 Dec 4 2016 - Saudi- Kingdom succeeds in shrimp farming: Global Magazine saysSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh, 05 Rabi'I, 1438,December 04, 2016, SPA -- Global Aquaculture Advocate magazine confirmed in its latest issue in a report entitled "Kingdom of Saudi Arabia ...

 Dec 4 2016 -  Vietnamese floods kill 13Saudi Press Agency
(MENAFN - Saudi Press Agency) Hanoi, Rabi'I 5, 1438, Dec 4, 2016, SPA -- At least 13 people have been reported dead in central Vietnam's most recent spate of floodings, according to dpa. The ...

 Dec 4 2016 - Saudi Ambassador to Egypt: Kingdom Tops World in Supporting Refugees 2 CairoSaudi Press Agency
(MENAFN - Saudi Press Agency) Ambassador Qattan also said that the Kingdom considered the brotherly Yemeni refugees on its territory as its visitors, and provided more than half a million Yemeni a ...

 Dec 4 2016 - Al Watan Daily Highlights Depth of Fraternal Relations between Qatar and Saudi ArabiaQatar News Agency
(MENAFN - Qatar News Agency) Doha, December 04 (QNA) - Qatari daily (Al Watan) confirmed in its editorial Sunday the depth of the fraternal relations and cooperation between the State of Qatar and ...

 Dec 4 2016 - Nepalese Foreign Minister Meets Qatar's AmbassadorQatar News Agency
(MENAFN - Qatar News Agency) Kathmandu, December 04 (QNA) - Foreign Minister of the Federal Democratic Republic of Nepal Dr. Prakash Sharan Mahat has met with HE Qatar's Ambassador to Nepal Yousef ...

 Dec 4 2016 -  South Korea, US Seek Ways to Counter North Korea's Submarine-Launched Ballistic threatQatar News Agency
(MENAFN - Qatar News Agency) Seoul, December 04 (QNA) - South Korea and US forces are stepping up efforts to better counter the growing threat from North Korea's submarine-launched ballistic missiles ...

 Dec 4 2016 -  Five Gunmen, Including ISIS Leader, Killed in DagestanQatar News Agency
(MENAFN - Qatar News Agency) Moscow, December 04 (QNA) - Five militants, including an ISIS leader, have been killed during a special operation held in a suburb of Makhachkala, the capital of Russia's ...

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

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