Kuwait Petroleum International (KPI) and the state-owned PetroVietnam have signed a cooperation agreement that aims at re-focusing their refining and petrochemicals strategies, Kuwait times reported.

KPI’s Chief Executive Officer, Bakheet Al-Rashidi, said it will enhance KPI’s manufacturing and refining strategies in order to provide a safe venue for Kuwaiti crude. On his part, KPI’s Vice President, Ghanim Al-Otaibi, stated the agreement will be an “added value” to both companies, which will conduct future talks on raising the level of cooperation.

According to Kuwait News Agency, Al-Rashidi stressed that the importance of the Vietnamese Nghi Son oil refinery project, which will be supplied with crude from Kuwait. When completed, it is expected to process 10m tons of crude oil per annum.