SHANGHAI: A
senior Kuwaiti oil official affirmed yesterday that his country plans to
increase its crude oil exports to China to more than 600,000 barrels per day by
2019. Kuwait's volume of liquefied natural gas exports to China has
significantly increased to over two millions tons annually, making up nearly 40
percent of its total exports, Deputy Managing Director of Kuwait Petroleum
Corporation's (KPC) International Marketing Sheikh Khaled Al-Sabah said. Sheikh
Khaled Al-Sabah made his remarks while addressing participants of the second
edition of China International Import Expo (CIIE) in Shanghai.

Kuwait considers
China as one of its main strategic partners, he affirmed, noting KPC's
cooperation relationship and partnership with China Petrochemical Corporation
(Sinopec Group), particularly in the energy field. Kuwait's oil exports have
grown significantly thanks to its partnerships with China, notably Sinopec
Group, especially since KPC opened its representation office in Beijing in
2005, Sheikh Khaled noted, adding such mutual understanding and support was the
key for this partnership's success. The KPC-Sinopec cooperation includes
oil-manufacturing sectors such as oil extraction and refinery, in addition to
exporting oil derivatives, marketing, business development, investment, and
joint operations, said the Kuwaiti official.

The
Kuwaiti-Chinese oil cooperation is very "promising" and would
contribute to the two countries' prosperity for long years to come, he noted,
affirming his country seeks to maintain the stability of international oil
markets. Kuwait aspires to faster global economic growth as it continues,
through KPC, to supply the international markets, particularly the Chinese
ones, with crude oil and its various related-products, said Sheikh Khaled
Al-Sabah. As part of its strategy, the Kuwaiti corporation seeks to increase
its production capacity of crude oil to more than four million barrels per day,
as well as 2.5 billion cubic meters of LNG by 2040, he noted.

Furthermore,
Sheikh Khaled Al-Sabah affirmed KPC's strive to reach a total refinery capacity
of crude oil to about 1.4 million barrels per day by 2021, in addition to
investment on an international level to secure best returns for Kuwaiti oil. On
KPC's current oil projects, he mentioned clean fuel as one, in addition to
development and integration of local refineries in order to secure production
of high-quality products that match international environmental criteria.

Moreover, KPC
would construct an LNG station with a total capacity of nearly three billion
British thermal units per day in order to maintain Kuwait's LNG needs and
achieve better environmental criteria on the local level. Sheikh Khaled
Al-Sabah also mentioned that KPC plans to construct a new refinery, called Zour
Refinery, which has been designed in accordance to international standards and
in a total major capacity of nearly 615,000 barrels per day to cover Kuwait's
energy needs.

Highest level

Meanwhile,
Kuwait's Ambassador to China Sameh Hayat affirmed Friday that
"prosperous" bilateral relations with China are at the highest of
levels. Acting upon wise directions of both leaderships, and stemming of a
mutual political desire, the two countries succeeded in establishing a
comprehensive strategic partnership, Hayat said while addressing participants
of the second edition of the International Financial Cooperation Forum 2019 in
Shanghai.

Kuwait's
participation this year reflects its interest to interact with such a
significant financial event in one of China's - and the world's - leading
economic cities, said the Kuwaiti envoy. It also embodies the fruitful outcomes
of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah's visit to
China last July, which propelled the relationship between the two countries to
higher strategic prospects, noted Hayat. Shanghai is also at the forefront of
the 'Belt and Road Initiative,' launched by President Xi Jinping in 2013, he
added, noting that Kuwait was the first supporter and signatory on its
cooperation pact with the Chinese government.

Hayat stressed
the importance of organizing events of such a caliber more periodically and
continually as the Shanghai Forum is considered one of the important economic
meetings in the world. His Highness the Amir's recent visit to China was one of
the most successful throughout various junctures of the two countries historic
relationship, as it achieved its desired objectives, he affirmed.

The Belt and Road
Initiative is to contribute to global economic prosperity, he said, noting
Kuwait would be one of its launching pads due for its distinctive geographic
location in north of the Arabian Gulf. Hayat also said the initiative matches
Kuwait government's strategic vision in making the country a safe sea route, a
major commercial hub, and a core of a network of steel lines starting from
China and ending in Jerusalem through Central Asia and other countries. - KUNA