BP, KPC strengthen ties

BP and Kuwait Petroleum Corporation (KPC) have inked a framework agreement that will see the two companies explore avenues for joint investment and co-operation in oil and gas projects, petrochemicals ventures and trade deals.

Signed in Kuwait City on Wednesday, the deal covers exploration and production both in Kuwait and across the world. The agreement could also pave the way for KPC to utilise BP’s proprietary paraxylene technology at its own petrochemicals ventures.

“We look forward to working with KPC to help the people of Kuwait realize the full potential of their nation’s oil and gas resources and exploring new opportunities globally,” BP CEO Bod Dudley said in comments on the agreement, adding that the company would work to extend the life of Kuwait’s super-giant Burgan field.

BP also noted that a future oil and gas trading deal made possible by the new framework agreement could include LNG trading.

For more news and features on the oil and gas industry in Kuwait, click here.