Kuwait Signs 15-yr LNG Gas Deal with Qatar
State-owned Kuwait Petroleum Corp signed a 15-year agreement with Qatar Petroleum to import three million tonnes of liquefied natural gas (LNG) each year starting from 2022.The agreement was signed by Dr. Khaled A. Al-Fadhel, the Minister of Oil and the Minister of Electricity & Water, the Chairman of the Board of Kuwait Petroleum Corporation and His Excellency Saad Sherida Al-Kaabi…
Zhanjiang Refinery Launches Mainstream Gas Pipeline
Sinopec's Zhanjiang integrated refinery complex in Guangdong has launched its main gas transmission pipeline, the Chinese company said in a statement on Thursday.The refinery, which was set up jointly by Sinopec and Kuwait Petroleum Corp in 2011, is designed to include a 300,000 barrels-per-day (bpd) refinery and a 1 million tonnes-per-year ethylene complex.The 53.5-kilometers main pipeline at Sin
Sinochem raises 2019 term oil supply from Saudi Aramco, Kuwait
China's Sinochem Group agreed to annual crude oil supply deals for 2019 with Saudi Aramco and Kuwait Petroleum Corp (KPC) with volumes from both suppliers more than 20 percent higher than in 2018, a senior Sinochem executive said on Friday.The Saudi volumes will be processed at Sinochem's wholly-owned Quanzhou refinery in southeast China's Fujian province…
China Private Refiner Buys Its first Kuwaiti Crude Oil Cargo
Shandong Dongming Petrochemical Group, China's largest private refiner, has bought a 1.9-million barrel cargo of Kuwaiti crude oil for end-July loading, the first of its kind since the plant started importing the commodity in 2015, company officials said on Monday.The cargo was of Kuwait Export Blend, one of Kuwait Petroleum Corp's main export grades…
Kuwait Signs LNG Import Deal With Shell
Kuwait Petroleum Corp. (KPC) has signed a 15-year liquefied natural gas import deal with Royal Dutch Shell Plc to help the oil exporting nation meet growing domestic energy demand. A report in Bloomberg said that the sales purchasing agreement with Shell International Trading Middle East Ltd. will start in 2020. The contract will cover 2 million to 3 million metric tons of LNG a year.
Asian Spot LNG Prices Slip on Weak Demand
Asian spot LNG prices fell this week on poor demand from major gas-consuming regions despite a slew of new purchase tenders. The May spot LNG contract fell by $0.25 cents to $5.40 per million British thermal units (mmBtu), with new production coming on stream in Australia and the United States. Analysts and traders mainly blamed low demand for driving prices lower.
Oil Prices Rise as Middle East Producers Confirm Supply Cuts
Oil prices rose on Tuesday, supported by strong demand in Asia and supply cuts by Abu Dhabi, Kuwait and Qatar as part of production curbs organized by OPEC and other exporters. Gains were modest, with the market pressured as investors closed positions to take profits on strong gains the day before. Traders said there was significant profit-taking after oil shot to mid-2015 highs earlier this week…
KPI: Oil to Stabilise at $50-60 by end-2016
The chief executive of Kuwait Petroleum International said on Tuesday that he expected oil prices to stabilise between $50 and $60 a barrel by the end of 2016 or early 2017, Kuwait's official KUNA news agency reported. It also quoted Bakheet al-Rashidi as saying prices could reach $80 a barrel in three to four years' time. Brent crude is currently around $46 a barrel.
Kuwait Expects Oil Price to Rise to $50 in 2016
Kuwait expects the price of crude oil to rise to $50 per barrel and said the Gulf Arab state exports about 2.1 million barrels per day, state news agency KUNA said citing a senior official. "Kuwait exports around 2.1 million barrels of crude oil per day, and it's expected that the price will reach $50 per barrel during 2016…
Oil Above $30 on Prospects of Glut Deal
Iraq sees some flexibility for OPEC, non-OPEC deal; Kuwait reiterates OPEC cannot cut oil output alone. Oil rose further above $30 a barrel on Tuesday, lifted by hopes that OPEC and non-OPEC producers may be edging closer to a deal to tackle one of the biggest supply gluts in decades. The Organization of the Petroleum Exporting…
LNG Prices Dip as Traders Await Tender Outcomes
Asian liquefied natural gas (LNG) prices edged lower this week as bid-offer ranges stayed wide and traders submitted responses for Mexico's six-cargo buy tender. The price of Asian spot cargoes for January delivery fell to around $7.20 per million British thermal units (mmBtu), from around $7.30/mmBtu last week. Pakistan…
Cash-Rich Gunvor Readies European Expansion
Gunvor is close to buying its third refinery in Europe, reinvesting money from asset sales in Russia, in a major turnaround for the Swiss trading house since its deep links with Moscow nearly brought it to a collapse only 18 months ago. Industry and banking sources told Reuters on Monday Gunvor had entered into exclusive…
Saudi Aramco Opening India Crude Sales Office
The world's top oil exporter Saudi Aramco will open an office in India by the end of this year to help boost its crude sales in the world's fourth largest oil consuming nation, sources with knowledge of the matter said. India is one of the biggest markets for Saudi oil. In fact, Saudi Arabia has been the top supplier to the South Asian nation for the past 14 years starting April 2001…
Kuwait Says Security Raised to Highest in Oil Sector
OPEC member state Kuwait has stepped up security to the highest level at state-run oil conglomerate Kuwait Petroleum Corp (KPC) and its affiliates, state-run KUNA reported on Saturday, a day after a suicide bomber killed 27 people in a Shi'ite mosque. KUNA quoted Sheikh Talal al-Khaled al-Sabah, spokesman for the country's oil sector.
Indian Oil Corp Halves 2015/16 Term Crude Deal
Indian Oil Corp has halved its term oil import deal with Kuwait to 100,000 barrels per day (bpd) as the refiner cuts its dependence on long-term purchases in favour of cheaper spot deals. Kuwait was the second-biggest supplier of oil to India's biggest refiner in the fiscal year ended March 31 after Iraq, according to the source.
Bangladesh Moving to Low Sulphur Gasoil
Bangladesh will lower the sulphur content of its gasoil imports from January next year, in line with a global move towards cleaner fuel, industry sources said on Wednesday. The country will import gasoil with 500 parts-per-million (ppm) sulphur instead of the 2,500 ppm, from January, 2015, Bangladesh Petroleum Corp (BPC) Chairman Eunusur Rahman told Reuters.
Kuwait to Ship Crude to Egypt in October
Kuwait said on Wednesday it would ship around two million barrels of crude oil in early October to Egypt, giving it priority as a buyer ahead of sales from storage into the Mediterranean market. The deal for two million barrels a month of Kuwaiti crude was signed this week with the Arab Petroleum Pipeline Co., known as SUMED.
BPC Tenders 170mb Naphtha Parcel
Bangladesh Petroleum Corp (BPC) issued an international tender to sell 170,000 barrels of naphtha on Wednesday for Oct. 27-29 loading from Chittagong, a company official said. The tender will close on Oct. 13, with validity up to Oct. 16. The offer came as the discount on the Asian naphtha price differential for first-half…
Kuwait Petroleum eyes Indian Refinery, Offers Feedstock
Kuwait Petroleum eyes 50 pct stake in Paradip refinery; Kuwait wants to supply 60 pct of refiner's oil needs. Kuwait Petroleum Corp (KPC) aims to pick up a significant stake in Indian Oil Corp's Paradip refinery and supply about 60 percent of the oil needs of the plant, set to start up later this year, three sources with knowledge of the matter said.
Kuwait Doubles Oil Deal with Sinopec
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…
