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BP and Shell Sign Agreements with Kuwait

Source: Bloomberg 2/22/2011, Location: Middle East

BP Plc and Royal Dutch Shell Plc signed memorandums of understanding with Kuwait Petroleum Corp. covering areas including exploration and refining.

The agreements were sealed in Kuwait City during a visit by U.K. Prime Minister David Cameron, who is touring the Middle East with a delegation of businessmen. Cameron’s officials were unable to give details of the accords, beyond saying that Shell had signed two and BP one.

The BP accord covers both new fields inside Kuwait and a refinery project in China, the company’s managing director for refining and marketing, Ian Conn, said in an interview. He refused to put a value on the agreement.

“This builds on other memorandums that we have already in place,” Conn said. “It’s a commitment to a deeper strategic cooperation in both Kuwait and other operations outside Kuwait.”

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