KPC, ADNOC to sture crude in India

Kuwait

KUWAIT CITY, June 25, 2014 – Last Monday, the Kuwait Petroleum Corporation and the Abu Dhabi National Oil Company confirmed their intention to store up to 2 million barrels of crude oil in Indian caverns near the southern cities of Visakhapatnam and Mangalore.

The negotiations come at critical geopolitical junction, as the ongoing turmoil in neighbouring Iraq is threatening the stability of Kuwait’s supply of crude to India, the world’s fourth-biggest energy consumer.

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