Kuwait, China sign crude oil joint marketing deal

Kuwait Petroleum Corporation (KPC) signed on Tuesday a cooperation agreement with China’s ShanDong Refining and Chemical Group to market Kuwaiti crude oil.

The agreement was signed by KPC’s CEO and Deputy Chairman of the Board Nizar Al-Adsani and ShanDong’s Chairman of Board of Directors Li Xiangping.

The deal, which was inked on the sidelines of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah’s visit to China, aims to expand joint investment platform in oil and logistic industries, Al-Adsani told KUNA.

ShanDong, named after a coastal province in East China, is one of the leading oil industry bases in the country and known for hosting a large number of private and state-owned oil refineries, he noted.

Last April, KPC hosted a visiting high-level delegation of representatives from a number of oil refinery companies in the province, Al-Adsani recalled. The delegation was acquainted with the Kuwaiti expertise in petroleum manufactures, he added.

The visit had a positive impact on boosting cooperation between KPC and Chinese oil companies, resulting in inking a mutual agreement to export the first Kuwaiti crude oil batch to ShanDong Group at the end of July, said Al-Adsani.

For his part, Li expressed joy at signing the deal with KPC, and forecasted huge economic outcomes as a result, for both sides and countries.

He affirmed to KUNA the Group’s willingness to continued cooperation with KPC in various fields, particularly crude oil, reiterating full cooperation with Kuwait in all areas to attain mutual profitable outcomes.

Earlier, His Highness the Amir and his accompanying delegation left Beijing after attending the opening session of the Eighth Ministerial Meeting of the China-Arab States Cooperation Forum.

Source: Kuwait News Agency