KUWAIT, April 3 (KUNA) — Kuwait will export first shipment of Al-Khafji crude oil from the divided zone for the first time since five years ago, Oil Minister Dr. Khaled Al-Fadhel announced on Friday.
Al-Fadhel, also the acting minister of electricity and water, said in a statement to Kuwait News Agency (KUNA) that Kuwait Petroleum Corporation (KPC) would export the first shipment of the crude via Kuwait Gulf Oil Company (KGOC).
Some one million barrels of crude oil will be loaded, Saturday and Sunday, into the giant tanker “Dar Salwa,” owned by Kuwait Oil Tanker Company (KOTC), with Asian markets as the cargo final destination, Minister Al-Fadhel said.
Resumption of crude exports from the Kuwait-Saudi joint zone caps efforts by personnel of the oil sector and government officials over the past years. The shipment is also the first fruit of an agreement between the two brotherly countries to resume production at the divided zone
Minister Al-Fadhel added that, in the coming few days, the first shipment of crude oil extracted from the joint Al-Wafra field would be exported, in line with the State of Kuwait approach to increase crude oil production after expiry, on March 31, of an accord between OPEC and non-OPEC oil producing states.
He expressed the State of Kuwait support for a call by Saudi Arabia for holding an emergency meeting for the crude producers with aim of restoring stability to the markets. Moreover, the minister praised a proposal to allow more non-OPEC states to be parties of a future accord to slash the output.
Kuwaiti Minister of Foreign Affairs Sheikh Dr. Ahmad Nasser Al-Mohammad Al-Sabah and Saudi Minister of Energy Prince Abdulaziz bin Salman inked, on December 24, an agreement affiliated with the accord for dividing the neutral zone and another one on partitioning the adjacent submerged zone.
Dr. Al-Fadhel and his Saudi counterpart signed, during the same day, a memorandum of understanding on procedures for resuming the oil production by the two sides.
The KGOC, a subsidiary of the KPC, was founded in 2002 to take charge of Kuwait’s share of the crude in the divided zone. It succeeded the Arabian Oil Company, contract of which with Kuwait had expired.