Kuwait Petroleum Corporation (KPC) announced that Kuwait’s crude oil exporting contracts have recently increased by 28% with Japan, and 65% with Taiwan, reported Kuwait News Agency.
Furthermore, KPC’s marketing team has succeeded in increasing the contract volume of Kuwaiti crude oil with JX Nippon Oil and Gas Exploration Corporation which is considered as Japan’s number one company in refining potency and operations volume. In addition to the Chinese Petroleum Corporation (CPC), which is a major state-run company in Taiwan, the Kuwaiti corporation declared in a statement, according to Hellenic Shipping News.
In related news, Kuwait’s Cabinet has approved the extension of a crude export agreement with Egypt, starting January 2017, with a 9-month. According to a senior Kuwaiti official, Kuwait would provide Egypt with 2mb/m of cruse based on global prices until 2020.