KPC renews supply contract with China’s Unipec

KUWAIT CITY, May 14, 2024 – Kuwait Petroleum Corporation (KPC) has renewed a contract to supply 300,000 bopd to Unipec, local media reported on Monday.

Under the new agreement, KPC will supply crude oil to Unipec until 2033. A subsidiary of state-owned integrated energy company and Asia’s largest refiner Sinopec, Unipec is one of the largest oil traders in the world.

The financial terms of the contract were not made available.

KPC’s deputy chairman and CEO, Sheikh Nawaf Al Sabah, described the deal as a “significant step” towards the achievement of the company’s strategic objectives and maintaining Kuwait’s presence in the Chinese market.

Sheikh Khaled Al Sabah, KPC’s managing director of international marketing, noted the supply deal is a testament to Kuwait’s durable trade relations with Beijing.

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