Kuwait: Kuwait is mulling plans to increase its crude oil exports to China to more than 600,000 barrels per day by 2019.
Kuwait's volume of liquefied natural gas exports to China has significantly increased to over two million tons annually, making up nearly 40 per cent of its total exports.
Deputy Managing Director of Kuwait Petroleum Corporation's International Marketing Shaikh Khaled Al Sabah made the statetement as he was addressing the second edition of China International Import Expo (CIIE) in Shanghai.
“Kuwait's oil exports have grown significantly thanks to its partnerships with China, notably Sinopec Group, especially since KPC opened its representation office in Beijing in 2005,” said Shaikh Khaled noted.
The KPC-Sinopec cooperation includes oil-manufacturing sectors such as oil extraction and refinery, in addition to exporting oil derivatives, marketing, business development, investment, and joint operations, affirming his country seeks to maintain the stability of international oil markets.
The Kuwaiti corporation seeks to increase its production capacity of crude oil to more than four millions barrel per day, as well as 2.5 billion cubic meters of LNG by 2040.
Shaikh Khaled Al Sabah said that the company is striving to reach a total refinery capacity of crude oil to about 1.4 million barrel per day by 2021, in addition to investment on an international level to secure best returns for Kuwaiti oil.
He unveiled KPC-plans to construct the new Zour Refinery to reach a total refining capacity of nearly 615,000 barrels per day and cover Kuwait's energy needs.