(MENAFN - Kuwait News Agency (KUNA)) Kuwait Petroleum Corporation (KPC) has renewed a contract for an annual supply of crude to the state-owned Indian Oil Corporation (IOC) worth USD 7.5 billion a year.
After a meeting with IOC representatives on Sunday, both parties initially agreed to increase this supply by 20pct in 2013, read a statement by the state-owned body in charge of Kuwait's hydrocarbon interests throughout the world.
KPC referred to its long-standing commercial relations with the company that stretch to over 25 years.
"The international marketing department of KPC has been successful in expanding and diversifying its sales of crude to include heavy crude oil, which is difficult to handle. These contracts and agreements will achieve the highest prices and most favourable returns for the country," added the statement.
India is the second largest exporter of Kuwaiti crude and annually meets 10-11pct of its oil import needs from Kuwait. IOC is one of three Indian firms that import crude oil from Kuwait.