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
 Oct 25 2014 - Qatar's inflation rate to hit 5.5 percentMENAFN
(MENAFN) Qatar's inflation rate in 2014 is expected to touch 5.5 percent due to steady rise in housing rentals, according to the finding of a research conducted by Standard Chartered, The Peninsula ...

 Oct 25 2014 - Flydubai launches two flights to TanzaniaMENAFN
(MENAFN) Dubai-based flydubai's inaugural flights to Dar es Salaam and Zanzibar touched down in Tanzania. The new routes further underline flydubai's rapid expansion in Africa, which has seen the ...

 Oct 25 2014 - UAE air cargo to grow 4.1 percent in 5 yearsMENAFN
(MENAFN) The International Air Transport Association (IATA) Airline Industry Forecast 2014-2018 shows that international freight volumes are expected to increase at a compound annual growth rate ...

 Oct 25 2014 - Qatar- QSL: El Jaish face Al Gharafa todayThe Peninsula
(MENAFN - The Peninsula) Third-placed El Jaish will seek to narrow the gap between them and two higher placed rivals - Lekhwiya and Al Sadd € when they take on Al Gharafa in the ninth round match of ...

 Oct 25 2014 - Somalia- Mogadishu port on development pathThe Peninsula
(MENAFN - The Peninsula) Camels are prepared for export at the loading dock at the seaport in Mogadishu. The Somali government's grand vision for Mogadishu port under its new Turkish managers sees ...

 Oct 25 2014 - Saudi Shias protest death sentencesThe Peninsula
(MENAFN - The Peninsula) More than 100 people protested in eastern Saudi Arabia yesterday to oppose death sentences against a Shia religious leader and seven others convicted after earlier ...

 Oct 25 2014 - Palestine defies US, issues statehood ultimatumThe Peninsula
(MENAFN - The Peninsula) Palestine's chief peace negotiator has laid out in the clearest terms yet plans to establish an independent Palestinian state within three years, even if it means ignoring ...

 Oct 25 2014 - Police kill six militants ahead of key Tunisian pollThe Peninsula
(MENAFN - The Peninsula) Tunisian police killed six suspected militants, five of them women, in a raid on a suburban house yesterday after a 28-hour standoff, fanning tensions ahead of a landmark ...

 Oct 25 2014 - US looking into possible chlorine gas attack in Iraq: KerryThe Peninsula
(MENAFN - The Peninsula) The United States is looking into reports that Islamic State fighters used chlorine gas against Iraqi security forces, US Secretary of State John Kerry said yesterday.Kerry, ...

 Oct 25 2014 - Qatar- Ooredoo marathon offers QR1m prizesThe Peninsula
(MENAFN - The Peninsula) Registration for Ooredoo Doha Marathon 2015 is open, as the company begins preparations to ensure its biggest event yet on January 9.It will provide an opportunity to meet ...

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