Kuwait Crude Oil Exports to China Jump 62.4 Percent

Source: KUNA 6/27/2011, Location: Middle East

Kuwait's crude oil exports to China surged 62.4 percent in May from a year earlier to 966,000 tons, equivalent to around 228, 000 barrels per day (bpd), the latest government data showed.

Kuwaiti share of Chinese crude oil imports was 4.5 percent last month, compared to 3.3 percent in the same month of last year and 4.5 percent in April, according to the General Administration of Customs.

Kuwait's shipments of liquefied petroleum gas (LPG) and fuel oil to the world's biggest energy consumer also jumped 4.5 times and 1.5 times, respectively, from a year ago. China's overall imports of crude in May rose 20.8 percent in May year-on-year to 5.10 bpd. Saudi Arabia remained China's top supplier with its shipments growing 4.2 percent from a year earlier to 923,000 bpd, followed by Angola with 664,000 bpd, down 11.6 percent. Iran became third, with 537,000 bpd, up 184.1 percent.

Earlier this month, a high-level Chinese delegation and state-run Kuwait Petroleum Corporation (KPC) discussed the headway made in the planned USD 9 billion oil refinery and petrochemical complex, to be jointly developed in Zhanjiang city in south China's Guangdong Province, KPC has said in a statement to KUNA.

The construction works are due to start next year and complete by 2014, according to KPC. The mega project, which includes a 300,000 bpd refinery, ethylene cracker with the capacity of 1 million ton per year and a retail network in the province, will pave the way for OPEC-member Kuwait to achieve its China-bound crude oil export target of 500,000 bpd.


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