KPC secures new China oil contract: 300,000 barrels daily, $625 million savings

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KUWAIT CITY, May 22: Kuwait Petroleum Corporation (KPC) has successfully renewed its contract to export 300,000 barrels per day to China, with a significant update reducing the payment period from 60 to 30 days. This contract with Unipec, Sinopec’s commercial arm, includes savings of 60 cents per barrel, totaling around $625 million.

Negotiations, led by KPC CEO Sheikh Nawaf Al-Saud Al-Sabah and Global Marketing Managing Director Sheikh Khaled Al-Sabah, were concluded during a 48-hour trip to China. The new agreement, extending until 2033, aims to secure stable markets for Kuwaiti oil, emphasizing China’s strategic importance.

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