KPC Signs Contracts with OMV, BP

Source: KUNA 2/23/2012, Location: Middle East

Kuwait Petroleum Corporation (KPC) signed two contracts for crude oil supply with Austrian OMV and British BP, KPC Deputy Managing Director for Marketing Fahad Al-Nashmi told KUNA.

Al-Nashmi said KPC succeeded in entering new markets through these two contracts after much and long-term effort, and the two parties involved in these contracts are major players in the oil market and were chosen prudently. Each of these contacts, he added, is worth over USD 500 million per year, which guarantees the flow of Kuwaiti oil into these important markets.

The contracts were signed on the sidelines of a visit by senior KPC figures topped by Deputy Chairman and CEO Farouq Al-Zanki who are taking part in the annual International Petroleum Week (IPW) in London along with senior representatives of international oil corporations and conglomerates.

The Kuwaiti delegation includes Managing Director for International Marketing Nasser Al-Mudhaf, Deputy Managing Director for Operations Jamal Al-Loughani, and Fahad Al-Nashmi, along with delegation chairman Al-Zanki. Director of KPC European Regional Office Haitham Al-Ghais had organized a reception honoring the annual event's participants. It has been the custom for KPC to organize such gathering for over 25 years now.

Al-Nashmi said KPC representatives held several meetings with peers from leading international corporations during petroleum week, at KPC headquarters in central London. Contracts were renewed, he added, for KPC aircraft fuel products with several major companies. "KPC had succeeded in entering the European aircraft fuel market a while ago, and the new contracts enable provision of Kuwaiti products to European ports directly.

KPC currently owns two refineries in Europe; the Rotterdam refinery in Holland, and the Milazzo refinery in partnership with Italian oil and gas giant Eni. The new contracts mean that KPC is to supply European airports with aircraft fuel directly to the end-consumer through its subsidiaries, which brings in added value.


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