Kuwait in 10-year deal with Sinopec to double oil supplies | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.:
"Kuwait has concluded a new 10-year deal with a China's Sinopec Corp. to nearly double its supplies by offering to ship the oil and sell on a more competitive cost-and-freight basis, according to a KPC official and a trading source on Monday.
State-run Kuwait Petroleum Corp. will export 300,000 barrels per day (bpd) of crude oil under the agreement, which would amount to 15 percent of Kuwaiti petroleum exports and estimated to be worth $120 billion, said Nasser Al-Mudaf, KPC's head of international marketing told Reuters.
Al-Mudaf said the contract replaces a previous one for between 160,000 bpd 170,000 bpd that had expired."
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