Wed   19 Sep 2018   Search
Kuwait, China sign crude oil joint marketing deal
09 : 53 AM - 11/07/2018
Beijing, July 11 (BNA): Kuwait Petroleum Corporation (KPC) signed yesterday a cooperation agreement with China's ShanDong Refining and Chemical Group to market Kuwaiti crude oil.

The agreement was signed by KPC's CEO and Deputy Chairman of the Board Nizar Al Adsani and ShanDong's Chairman of Board of Directors Li Xiangping.

The deal, which was inked on the sidelines of His Highness the Amir Shaikh Sabah Al Ahmad Al Jaber Al-Sabah's visit to China, aims to expand joint investment platform in oil and logistic industries, Al Adsani told Kuwait News Agency (KUNA).

Last April, KPC hosted a visiting high-level delegation of representatives from a number of oil refinery companies in the province, Al Adsani said. The delegation was acquainted with the Kuwaiti expertise in petroleum manufactures, he added.

The visit had a positive impact on boosting cooperation between KPC and Chinese oil companies, resulting in inking a mutual agreement to export the first Kuwaiti crude oil batch to ShanDong Group at the end of July, said Al Adsani.

Li expressed gratitude at signing the deal with KPC, and forecasted huge economic outcomes as a result, for both sides and countries.

He affirmed that the Group's willingness to continued cooperation with KPC in various fields, particularly crude oil, reiterating full cooperation with Kuwait in all areas to attain mutual profitable outcomes.

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