Kuwait Eyes New Crude Outlet Within Six Months

Kuwait is investing in overseas refining to secure crude outlets. It expects to supply 200,000 b/d to Vietnam within six months and Oman from 2020.

Kuwait Petroleum International (KPI) holds equity in two planned overseas refineries in Vietnam and Oman that could eventually take more than 600,000 b/d of Kuwaiti crude oil. This is equivalent to nearly a third of Kuwait’s current exports, which averaged 2.13mn b/d in 2016.

KPI CEO Bakhit al-Rashidi said on the sidelines of the Middle East Petroleum and Gas Conference (MPGC) in Dubai on 1 May that further investments are being considered. Several opportunities exist in Asia he says, including in India and the region’s number one importer, China.

The first to come online will be the 200,000 b/d Nghi Son refinery in Vietnam, a JV grouping KPI (35.1%), Japan’s Idemitsu (operator, 35.1%), Mitsui Chemicals (4.7%), and state firm PetroVietnam (25.1%). (CONTINUED - 954 WORDS)

DATA INSIDE THIS ARTICLE

chart Kuwait Crude Exports Set To Top 75% Of Output With Shuaiba Shutdown (Mn B/D)