Kuwait is looking to sign new crude export deals with Chinese buyers, an official at Kuwait Petroleum Corporation (KPC), Waleed El Bader, told Reuters.
“We see medium sour demand is very healthy and we have been approached by several customers for additional cargoes or for new contracts in China,” El Bader said, according to Reuters.
Most of the interest, according to El Bader, is for single shipments with the possibility of longer-term contracts down the road.
The country is also pushing ahead with plans to bring a new light crude to the market and to invest $120 billion to further develop its operations over the next five years, Reuters reports. According to El Bader, the new crude, Kuwait Super Light, has a 1.6% sulfur content and API gravity of 47.