Dubai: State-run Kuwait Petroleum Corporation (KPC) and China’s Unipec have signed a landmark deal that will almost double crude oil deliveries over a decade, the biggest-ever contract in KPC’s history.
Under the agreement, KPC will provide Unipec crude oil, starting from 2014, with the volume exepeted to reach 300,000 barrels per day (bpd), equivalent to one VLCC heading from the Middle East state to China every day.
KPC reached the historic 10 year deal with Unipec, the trading arm of China’s top refiner Sinopec, to replace the 160,000-170,000 bpd supply contract that had lapsed. [25/08/14]
