KUWAIT: Kuwait has concluded a deal with a China's Sinopec trading arm to export 300,000 barrels per day (bpd) of crude oil over 10 years, the head of international marketing at state-owned Kuwait Petroleum Corporation (KPC) said on Monday.
Nasser al-Mudaf told Reuters the exports, which will amount to 15 percent of Kuwait's oil export output, start from Monday and are estimated to be worth $120 billion.
Mudaf said the contract replaces a previous one for between 160,000 bpd 170,000 bpd that had expired. "We look for the best markets which has stability and gives high return to KPC," he said.
The agreement with China's Sinopec's trading arm, Unipec, was reached "in accordance with international prices and under purely commercial terms," Mudaf said, adding the quantity was subject to increase, but did not specify by how much.
An official signing ceremony will be held in Hong Kong in three days, he said.
State news agency KUNA, quoting government data, reported in July that Kuwait's crude oil exports to China in the first half of this year stood at 3.87 million tonnes, equivalent to around 157,000 bpd.
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