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
 May 27 2016 - Qatar- Five key clashes in the Champions League finalThe Peninsula
(MENAFN - The Peninsula) The 2016 UEFA Champions League Final logo at the Piazza Duomo in Milan, Italy, on 26 May 2016. EPA/DANIEL DAL ZENNARO Madrid:Real Madrid face local rivals Atletico Madrid ...

 May 27 2016 - Qatar- Al Shaqab students graduate at a glittering ceremonyThe Peninsula
(MENAFN - The Peninsula) Students who received equestrian training at Al Shaqab, pose for a photograph with special guests during their graduation ceremony after receiving their certificates ...

 May 27 2016 - Qatar- Four international players to continue with Al RayyanThe Peninsula
(MENAFN - The Peninsula) Ali Salem Afifa, Head of Football at Al Rayyan Doha: Following a successful local football season, Al Rayyan have secured the services of their four foreign players ...

 May 27 2016 - UAE plays vital role in development projects in JordanMENAFN
(MENAFN) Abu Dhabi Fund for Development (ADFD) and Jordan worked together towards achieving their sustainable development goals, supporting projects in fundamental sectors.Moreover, ADFD has funded ...

 May 27 2016 - Cairo USD 3.6bn residential project attracts foreign investmentMENAFN
(MENAFN) The Ministry of housing introduced Egypt's biggest upcoming project, USD 3.6bn Mountain View iCity, which will be launched in New Cairo.Furthermore, the project's main layout will encompass ...

 May 27 2016 - Qatar, Luxembourg trade relations growMENAFN
(MENAFN) Qatar and Luxembourg have viewed growth due to the exchange of official visits between the two sides and the signing of mutual deal on many areas.Moreover, Qatar sees innovation as a main ...

 May 26 2016 - Saudi- Living cost index in the Kingdom rises 0.2% in AprilSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh, Sha'ban 19, 1437, May 26, 2016, SPA -- The index of the cost of living in the Kingdom rose by 0.2% during the month of April 2016 compared to the previous month ...

 May 26 2016 - Governor of Riyadh Region receives Cyprus' AmbassadorSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh, Sha'ban 19, 1437, May 26, 2016, SPA -- Prince Faisal bin Bandar bin Abdulaziz, Governor of Riyadh region, received here today the Ambassador of Cyprus to the ...

 May 26 2016 - Israeli warplanes launch raids on Gaza StripSaudi Press Agency
(MENAFN - Saudi Press Agency) Ramallah, 19 Sha'ban, 1437, May 26, 2016, SPA -- Israeli warplanes launched today a series of air raids on sites and targets in the Gaza Strip. Local security sources ...

 May 26 2016 - Saudi- Three dead, many injured in Mumbai chemical factory blastSaudi Press Agency
(MENAFN - Saudi Press Agency) New Delhi, Sha'ban 19, 1437, May 26, 2016, SPA -- At least three people have died and several have been injured in a huge blast at a chemical factory on the outskirts ...

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