Kuwait Petroleum Corporation (KPC) has announced signing long-term crude oil supply contracts with Shell International Trading Company (SITCO).
The first contract is a renewal of a previous one with SITCO but after doubling the agreed upon amount of crude, the KPC said in a press statement Wednesday.
It added that the second contract will open the European market for Kuwaiti crude for the first time in KPC history.
The KPC underlined that the new contracts with SITCO come within the framework of its marketing scheme that aims to establish a foothold in new markets.
KPC's International Marketing Managing Director Nasser Al-Mudhaf stated that the first contract helps KPC restore and even increase its sales level after a drop in 2013.
It also opens new markets such as New Zealand for the Kuwait crude, he said.
Al-Mudhaf described the signing of the second long-term contract with SITCO as a milestone in KPC history.
Amid fierce competition and low global demand, the second contract will market the Kuwaiti crude oil on European and Asian markets, he argued.
Al-Mudhaf unveiled that the KPC, as per these contracts, will supply SITCO with 100,000 barrels of crude oil per day to be market on all world markets at the accredited international prices.