KPC secures new China oil contract: 300,000 barrels daily, $625 million savings

This news has been read 664 times!

Nawaf Al-Saud and Khaled Al-Sabah during negotiations with the Chinese side.

KUWAIT CITY, May 22: Kuwait Petroleum Corporation (KPC) has successfully renewed its contract to export 300,000 barrels per day to China, with a significant update reducing the payment period from 60 to 30 days. This contract with Unipec, Sinopec’s commercial arm, includes savings of 60 cents per barrel, totaling around $625 million.

Negotiations, led by KPC CEO Sheikh Nawaf Al-Saud Al-Sabah and Global Marketing Managing Director Sheikh Khaled Al-Sabah, were concluded during a 48-hour trip to China. The new agreement, extending until 2033, aims to secure stable markets for Kuwaiti oil, emphasizing China’s strategic importance.

This news has been read 664 times!

Related Articles

Back to top button

Advt Blocker Detected

Kindly disable the Ad blocker

Verified by MonsterInsights