Quotes: 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
 Nov 27 2014 - Lebanon mourns 'songbird' SabahArab News
(MENAFN - Arab News) BEIRUT: Iconic Lebanese singer and actress Sabah died Wednesday at the age of 87 after a seven-decade career and a colorful love life that kept her in the headlines until the ...

 Nov 27 2014 - Egypt drops ban on 'adults only' filmArab News
(MENAFN - Arab News) CAIRO: An Egyptian court has revoked a government ban on a film by Lebanese star Haifa Wehbe that had been deemed sexually provocative judicial sources said on Wednesday.In April ...

 Nov 27 2014 - Saudi- Prince vanishes from social mediaArab News
(MENAFN - Arab News) NEW YORK: Prince whose distaste for the music industry's conventions is well known has abruptly disappeared from social media after tentative efforts to promote his two new ...

 Nov 27 2014 - Saudi- Cumberbatch quits smokingArab News
(MENAFN - Arab News) LONDON: 'Sherlock' star Benedict Cumberbatch has revealed he left smoking one month back.The 38-year-old actor said staying away from cigarette is helping him stay healthy ...

 Nov 27 2014 - Saudi- Dilip Kumar perfectly fine: Big BArab News
(MENAFN - Arab News) MUMBAI: Thespian Dilip Kumar is 'perfectly fine' says actor Amitabh Bachchan quashing rumors of the former's health scare.Social networking platforms were abuzz with rumors ...

 Nov 27 2014 - Saudi- Turki Khan: Changing society one step at a timeArab News
(MENAFN - Arab News) Dreams ambitions and determination have no limits dedication to those three traits can take that dreamer ambition-seeker and determined young man or woman to places he or she ...

 Nov 27 2014 - Saudi- Exploring fine art through pencilArab News
(MENAFN - Arab News) Eman Al-Qahtani is a successful talented and ambitious young Saudi artist. She combines thoughts and colors in her paintings. She has her own art method; a painting is to deliver ...

 Nov 27 2014 - Saudi- Qatar lifts 22nd Arabian Gulf CupArab News
(MENAFN - Arab News) Qatar rallied to get the better of Saudi Arabia 2-1 to win the 22nd Arabia Gulf Cup football tournament at the King Fahd International stadium in Riyadh Wednesday night.Playing ...

 Nov 27 2014 - Saudi- Al Kabeer climbs to No. 2 after honors sweep in Globe CupArab News
(MENAFN - Arab News) One mighty performance that saw Al Kabeer Frozen Foods sweep honors had the defending champion moving up the leaderboard after the eighth week in the Thursday League 12th ...

 Nov 27 2014 - Al-Taib wins Fastest Car Race 2014 in RiyadhArab News
(MENAFN - Arab News) Ahmed Al-Taib a Saudi topped the Fastest Car Race 2014 which was organized at Dirab Park racetrack in Riyadh. Al-Taib won the race in a Porsche 911 Turbo which is characterized ...

more...


 






Google

Click to Apply

 
 

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