KPC renews crude oil storage contract with SUMED – Kuwait to import 50 million cubic feet of Iraqi gas
KUWAIT: Minister of Oil, Electricity and Water Essam Al-Marzouq announced yesterday that discussions with Saudi authorities over Al-Khafji oil field are proceeding. “There are simple matters that need to be thrashed out, then production will resume,” said the minister in a statement to journalists after opening an exhibition on sidelines of Third Kuwait Oil and Gas Show and Conference.
Minister Marzouq indicated that the environmentally friendly fuel project at Mina Abdullah Refinery and Mina Al-Ahmadi was in the final phase, adding that work was also proceeding as scheduled at site of Al-Zour Refinery venture, forecast to finish by end of 2019.
Regarding accord by OPEC and non-OPEC oil producers on slashing the crude output, he expressed satisfaction “at the substantial adherence to the production cut, effective between the past January and September. “We hope that the concerned states proceed with that approach till end of the extension, March 31.”
In November, “we will examine figures of the first four months of the extension and accordingly, we will assess the situation and issue recommendations to the ministerial conference due to examine prospected further extension (of the production slash),” he said.
On Sunday, Marzouq announced that Kuwait plans to import 50 million cubic feet of gas, and indicated this quantity was equal to five percent of Kuwait’s summer consumption. The quantity of gas to be imported from Iraq is 50 million cubic feet which represent five percent of Kuwait gas consumption during summer, Marzouq said.
Meanwhile, KPC CEO and Deputy Chairman of the Board Nizar Al-Adsani stated that Kuwait aims to scale oil production up to four million barrels per day by 2020. The KPC and its subsidiaries will raise the production capacity of crude oil to four million barrels per day by 2020, Adsani said in a speech at the inaugural session of the conference. He added that the KPC also plan to increase natural gas production to one billion cubic feet per day of by 2023.
In other news, Kuwait Petroleum Corporation (KPC) announced yesterday it has renewed its crude oil storage and transportation contract with Egypt’s Arab Petroleum Pipelines Company (SUMED). KPC said in a press statement that the renewal of the contract was signed on the sidelines of the conference.
Deputy Managing Director of Global Marketing in KPC Nabeel Buresley and Chairman and Executive Director Mohammad Abdul Hafiz attended the renewal ceremony. The contract is one of the important strategic contracts aims at expanding KPC’s presence in the Mediterranean Region and North West Europe to increase Kuwait’s market share in that region, KPC said.
Kuwait Petroleum Corporation (KPC) signed an agreement with one of the suppliers to provide Kuwait with liquefied natural gas to cover the long-term needs of the State in line with the KPC’s plan to provide the best economic and environment friendly alternatives.
Sumed pipeline is an oil pipeline in Egypt, running from the Ain Sukhna terminal on the Gulf of Suez to offshore Sidi Kerir, Alexandria on the Mediterranean Sea. It provides an alternative to the Suez Canal for transporting oil from the Arabian Gulf region to the Mediterranean. It is owned by the Arab Petroleum Pipeline Company (Sumed), a joint venture of Egypt, Saudi Arabia, the United Arab Emirates, Kuwait, and Qatar. – KUNA