Kuwait plans to raise its crude oil production by 150,000b/d in Q3 2016 and aims to sign new export deals with European and Asian customers, Nabil Bouresli, Managing Director of International Marketing at Kuwait Petroleum Corporation (KPC) said, Oil Review Middle East informed.

Meanwhile, Kuwait has signed an export deal of 100,000b/d with an unnamed Asian company, with an expected potential annual return of $2b, in order to raise its share in the Asian market reinforcing Kuwait’s position as a main oil supplier, Arabian Business reported.

In addition, the Kuwait National Petroleum Company (KNPC) is developing a program for enhancement of the country’s petroleum processing sector in a $30b venture, pondering the construction of a large petrochemical complex in the Al-Zour region. A study for the production of olefins, polypropylene or aromatics in the complex is expected to be completed this month. The complex is to include a refinery with the 615,000b/d capacity, in addition to other gas facilities.