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Wed 17 Feb 2016 03:33 PM

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Kuwait signs oil export deal for 100,000 bpd to Asia

Contract could be worth $2bn annually; hailed as 'important strategic agreement' by Kuwait Petroleum Corp

Kuwait signs oil export deal for 100,000 bpd to Asia

Kuwait signed a deal to export 100,000 barrels of oil per day (bpd) with a major refiner, with a potential annual return of $2 billion, state news agency KUNA reported on Wednesday.

"The contract is one of the important strategic agreements that reinforces Kuwait's position as a main oil supplier in the Asian markets," Nabil Bouresli, managing director of international marketing at Kuwait Petroleum Corp (KPC) was quoted by KUNA as saying.

Kuwait plans to raise its crude oil production by 150,000 bpd in the third quarter and aims to sign new export deals with European customers soon, Bouresli has said earlier this month.

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