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Kuwait gains foothold in Asian heavy crude markets

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Country adheres to quota set according to the OPEC+ accord

KUWAIT CITY, Aug 16: Kuwait Petroleum Corporation’s international market sector has succeeded in marketing the Kuwaiti heavy crude oil since onset of exportation in May 2020, overcoming a heap of challenges during dwindling demand due to the coronavirus crisis. Sheikh Khaled Al-Sabah, the deputy managing director for international marketing at the KPC, said in remarks to KUNA on Sunday that the international marketing sector is complementary to the role of the Kuwait Oil Company as to creating opportunities for marketing the heavy crude with highest possible proceeds and boosting the returns on investments in the heavy crude production installations.

Sheikh Khaled Al-Sabah lauded efforts of the workers at the international sector and their key role in setting up connections with mega oil companies abroad. They have played a crucial role for exporting nearly 18 million barrels of the heavy crude between May 2020 and September 2021. Moreover, the sector has succeeded in marketing the heavy crude in major Asian markets of emerging growth namely China, South Korea and India, thus boosting Kuwait’s share in the Asian markets; along with adherence to the quota set according to the OPEC+ accord. (KUNA)

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