By Osama Jalal
KUWAIT, Sept 17 (KUNA) -- Kuwait Petroleum Corporation (KPC), the mother company of the national oil establishments, plans face-to-face deliberations with clients in Asia to determine their near future needs of the crude oil.
Jamal Al-Loughani, the KPC's Managing Director for the international marketing, said in a statement to KUNA, on Wednesday, that the KPC international market staff, would hold a number of "crucial meetings" with the KPC major clients in Taiwan and Japan in last week of this month, September.
These meetings are planned for exchanging views and determining the clients' "desire with respect of the KPC contracts for the coming year," he said, indicating that a KPC delegation would also hold talks with leaders of these two Asian countries to examine prospected marketing opportunities for sake of bolstering the corporation's status in this key Asian market.
The delegation will proceed to Singapore to attend an Asia-Pacific Economic Cooperation's (APEC) conference, in addition to holding meetings with new possible clients there.
Japan and Taiwan import some 500,000 barrels of crude oil per day from Kuwait -- 300 barrels for Tokyo and 200 for Bangkok, in addition to purchasing various oil derivatives and gas.
The KPC has already indicated that it adopts a pragmatic policy with respect to its exportation of two million barrels of crude oil per day.
Kuwait, since years ago, has been exporting 80 percent of its oil output to eastern Asian countries and 20 percent to the two Americas and Europe, Al-Loughani stated earlier this week.
Forecasts indicate that Asian markets are large and demand is growing there, as compared to the demand in the United States where it is dropping due to utilization of shale oil, and in Europe, as a result of economic slowdown, Al-Loughani had said. (end) oj.rk