BEIJING: Kuwait’s crude oil exports to China surged 27.8 per cent in October from a year earlier to 986,000 tons, equivalent to around 233,000 barrels per day (bpd).
Kuwait news agency, KUNA, quoted the Chinese General Administration of Customs as saying that Kuwaiti share of Chinese crude oil imports last month was 4.1 per cent, compared to 3.8 per cent the year before.
In the January-October period, Kuwait exported 191, 000 bpd to the world’s second-largest oil consumer, up 29.8 per cent on the year.
State-run Kuwait Petroleum Corporation, KPC, has signed a landmark deal with China’s top energy trader, UNIPEC, in September, which will significantly boost crude oil deliveries to China over the 10 years, the biggest-ever sales contract in KPC’s history by volume and revenues in all regions.
Under the agreement, KPC supplies UNIPEC 300,000 bpd of crude oil starting from this year, with a strong possibility of increasing the volume to 400,000 bpd.
