Kuwait plans to increase the volume of crude oil exports to China to 500,000 barrels a day (bpd), and eventually to 800,000 bpd, an executive at the state-run Kuwait Petroleum Corporation (KPC) said Saturday.
“With new and mutual cooperation between the two parties, there is a good sign of increasing the volume of our crude oil exports to China up to 500,000
bpd in the next three years, which is subject to availability,” Nasser Al-Mudhaf, KPC’s Managing Director of International Marketing, made remarks in an interview with Kuwait News Agency (KUNA) in Hong Kong.
“This agreement is one of the most important crude contracts for KPC, and is considered the biggest sales deal by volume and revenues in all regions,” he said. According to the official, the contract is not related to an ongoing joint project between KPC and Sinopec for the construction of a 300,000 bpd refinery, of which feedstock will be also supplied by KPC when the plant goes on-stream. “If the joint venture materializes, China-bound shipments may hit 800,000 bpd.” he noted.