KPC & Fuji Refinery Sign Crude Oil Supplying Contract

Source: KUNA 10/11/2011, Location: Asia

Chief Executive Officer of Kuwait Petroleum Corporation (KPC) Farouk Al-Zanki signed a long-term crude oil supplying contract with the Japanese Fuji Refinery. In a statement sent to KUNA, the state-run KPC said the contract will bring billions of dollars of revenues to the Kuwait state treasury over the coming years. It hailed the deal as a success as it came at a time the demand for crude oil is retreating on the Japanese market. There is talk about assigning the Kuwait Oil Tankers Company the contract of transporting the agreed upon amounts of crude oil, the statement noted. Japan is Kuwait's largest oil buyer with accounting for roughly 20 percent of its total crude exports of 1.3-1.5 million bpd.

Meanwhile, Fuji Refinery officials expressed gratitude to Kuwait people and His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah for his generous support to Japan after Fukushima earthquake and tsunami. Last April, the Kuwaiti government announced 5-million-barrel of crude oil and oil products donation to Japan as part of efforts to help the country recover from the catastrophic March 11 earthquake and ensuing tsunami. Al-Zanki and his accompanying delegation will attend Wednesday a huge ceremony to mark the arrival of the first shipment of the Kuwaiti oil donation to Japan.


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