Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait- KPC signs USD2bln-worth oil supply deal with Petron Singapore  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 28/08/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Kuwait News Agency (KUNA)) The state-owned Kuwait Petroleum Corporation (KPC) signed Wednesday a USD 2 billion-worth crude oil supply contract with Petron Singapore Trading Limited, a subsidiary of Philippine Petron Corporation.

"As per the contract, the KPC will supply Petron with 65,000 barrels of Kuwaiti crude oil on a daily basis for one year starting on January 1, 2015," KPC's International Marketing Managing Director Nasser Al-Mudhaf told KUNA on the sideline of the contract-signing ceremony held at Petron Corporation HQs in the Philippine capital Manila.

"The contract would be renewed automatically unless one of the two signing parties asked for its abolishment."

Al-Mudhaf noted that talks held with Petron officials on the sidelines of the ceremony showed a desire from the Philippine company to expand partnership with KPC in the future and to increase the amount of purchased crude to 100,000 barrels a day.

The talks also touched upon the possibility of transporting the whole quantity or part of it by the Kuwait Oil Tanker Company (KOTC) fleet to Petron's port, he unveiled.

"Entering Philippine market is considered an achievement for Kuwaiti oil sector," Al-Mudhaf said.

"The Philippines is one of the most growing and promising markets in Southeast Asia."

He underlined that the contract comes in line with the KPC strategic goals of concluding long-term deals, especially in Asian markets.

With regard to KPC's efforts to increase Kuwait's share on Indian oil market, Al-Mudhaf said that "KPC has signed huge deals with Indian partners and is keen on enhancing its presence there."

He, however, acknowledged Kuwait is facing a very fierce competition on the Indian market from South American and West African oil exporting countries.

He disclosed that that KPC is studying the possibility of storing quantities of Kuwaiti crude oil in recently established Indian oil reservoirs in return for increasing Kuwait's share of Indian oil imports.

For his part, Petron Singapore Ltd Chairman and Chief Executive Officer CEO Ramon S. Ang told KUNA that his company has spent two billion dollars for developing a modern and highly sophisticated refinery which will refine the contracted upon Kuwait crude oil.

He expressed pleasure for signing the contract with KPC.

He added that he is looking forward to expanding of cooperation and partnership with KPC in the future.

Petron Corporation is the largest oil refining and marketing company in the Philippines. Supplying nearly 40 percent of the country's oil requirements, our world-class products and quality services fuel the lives of millions of Filipinos everyday.

It operates an integrated crude oil refinery and petrochemicals complex with a rated capacity of 180,000 barrels per day in Limay, Bataan. Its Integrated Management System (IMS)-certified refinery processes crude oil into a full range of petroleum products including gasoline, diesel, liquefied petroleum gas (LPG), jet fuel, kerosene, industrial fuel oil, and petrochemical feedstock benzene, toluene, mixed xylene, and propylene.

 


Kuwait News Agency (KUNA)




  MENA News Headlines
 Sep 18 2014 - Qatar- HE Premier Sends Congratulations to President of ChileQatar News Agency
(MENAFN - QNA) HE the Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa Al-Thani sent Thursday a cable of congratulations to President of the Republic of Chile Michelle ...

 Sep 18 2014 - US House Passes Obama's Syria Military PlanQatar News Agency
(MENAFN - QNA) The US House of Representatives has approved President Barack Obama's plan to train and equip moderate Syrian rebels to counter the growing threat of the Islamic State organization ...

 Sep 18 2014 - US won't fight another Iraq ground war: ObamaArab News
(MENAFN - Arab News) MACDILL AIR FORCE BASE: Florida: President Barack Obama vowed on Wednesday the United States will not fight another ground war in Iraq seeking to reassure Americans about the ...

 Sep 18 2014 - US strikes boost IS more hostages possible: FBIArab News
(MENAFN - Arab News) WASHINGTON: Support for Islamic State increased after US airstrikes began in Iraq and the militant group may take more hostages to try to force concessions from Washington the ...

 Sep 18 2014 - Apparel Group to open 50 new stores in KSAArab News
(MENAFN - Arab News) Dubai-based Apparel Group most recognized for its portfolio of international fashion and accessories brands brings yet another fashion chain to the Middle East.R&B the ...

 Sep 18 2014 - Zain KSA launches iPhone pre-ordering FridayArab News
(MENAFN - Arab News) Zain KSA announced that it will launch the pre-ordering for the new Apple devices iPhone 6 and iPhone 6 plus on Friday enabling customers to pre-order their device from Zain ...

 Sep 18 2014 - Dubai, Azerbaijan discuss way to strengthen tiesMENAFN
(MENAFN) The Dubai Chamber of Commerce and Industry announced it had a meeting with several Azerbaijani banks as part of their efforts to enhance UAE"Azerbaijan bilateral banking ties, Khaleej Times ...

 Sep 18 2014 - Bahrain, Kazakhstan to boost trade tiesMENAFN
(MENAFN) Bahrain said it is looking forward to boost ties with Kazakhstan following the Bahraini King's recent visit, which resulted in many agreements and memoranda of understanding being signed in ...

 Sep 18 2014 - Batelco, Milestone sign key dealMENAFN
(MENAFN Bahraini Batelco announced it has signed signed a deal with Milestone, a provider of open platform Internet Protocol video management software, Gulf Daily News reported.Batelco, which has ...

 Sep 18 2014 - Mashreq eyes acquisitions in Egypt, TurkeyMENAFN
(MENAFN) Dubai's Mashreq announced it is planning to target acquisitions in Egypt and Turkey as it tries to expand beyond its home market, Gulf Daily News reported.Mashreq, Dubai's third-largest bank ...

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help