Kuwait has signed an export deal of 100,000 bpd with a major Asian company, with an expected potential annual return of US$2bn.
Nabil Bouresli, managing director of international marketing at Kuwait Petroleum Corporation (KPC), said, “The contract is one of the important strategic agreements that reinforces Kuwait’s position as a main oil supplier in the Asian markets.”
Bouresli had earlier stated that Kuwait plans to raise its crude oil production by 150,000 bpd in Q3 2016 and aims to sign new export deals with European customers soon.