Kuwait: The Kuwait Petroleum Corporation (KPC) has signed a contract with an international company to 100,000 barrels per day (bpd) with expected annual revenues worth $2 billion.
Speaking to KUNA, KPC Managing Director for International Marketing Nabeel Bourisli said the contract was signed with a leading world oil refining company, hailing it as a strategic significant contract that would promote Kuwait's position as a main oil supplier at Asian markets.
The signing of the contract coincided with the KPC Golf Tournament which kicked off on Tuesday and closes, he said, adding that the event attracted major world oil companies and refineries.
Stressing the significance of this contract, the KPC official said it came amid major circumstances and challenges that the world oil market is facing, like oversupply and global oil refineries' tendency to cut long-term contracts.
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