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Kuwait Petroleum Corporation (KPC), India’s BPCL and BORL officials seen during the signing of the $3.7 billion crude oil renewal contracts. (KUNA)
Kuwait renews $3.7bn oil contracts with India Arab state primary distillation hits 7.55 mln barrels in 2013: OAPEC

KUWAIT CITY, May 6, (Agencies): Major oil producer Kuwait has renewed crude supply contracts with India’s Bharat Petroleum Corporation Ltd (BPCL) worth up to $3.7 billion a year, the Gulf state’s official news agency KUNA said on Tuesday. State-owned Kuwait Petroleum Company (KPC) signed one contract with BPCL and another with its subsidiary Bharat Oman Refineries Ltd (BORL), KUNA said. The report did not specify any volumes. OPEC member Kuwait produces about 3 million barrels per day (bpd) of oil, about two thirds of which is exported. BPCL operates a 240,000 bpd Mumbai refinery in western India and a 190,000 bpd Kochi refinery in the south of the country. It also has majority stakes in the 60,000 bpd Numaligarh refinery in northeast India and the 120,000 bpd Bina refinery in central India. The Bina refinery is operated by Bharat Oman Refineries Ltd, in which state-owned Oman Oil Company has a minority stake.

The Organization of Arab Petroleum Exporting Countries (OAPEC) announced Tuesday that the total capacity of primary distillation operations across its member states reached $7.55 million barrels per day (bpd) at the end of 2013. The stated figure formulates 90.72 percent of the total primary distillation operations in the its member states that amount to 8.322 million bpd, OAPEC monthly bulletin pointed out. The bulletin said that the Middle East region is the only region in the world that recorded an increase in oil refinery operations; however, this rise was two percent less than that of last year. As the rest of the world, the oil industry in the Middle East is facing many technological and economic challenges due to the unpredictability of global demands on petroleum products. To face these challenges, OAPEC is setting up plans to increase the competitive performance and competitive capacity of oil refineries through raising awareness of power and fuel consumption at these oil plants.

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