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| Kuwait has no plans for strategic oil reserves abroad -- official |
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| Power & Materials 10/19/2008 9:43:00 AM |
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By Miyoko Ishigami (with photos)
TOKYO, Oct 19 (KUNA) -- Kuwait has no plans to set up strategic oil
reserves in China, Vietnam or elsewhere in Asia, said Abdullatif Al-Houti,
Managing Director of International Marketing at state-run Kuwait Petroleum
Corporation (KPC).
"We have no plan to discuss anything about crude oil stockpiles abroad,
especially when oil prices go down," Al-Houti said in an interview with Kuwait
News Agency (KUNA) in Tokyo, denying speculation that KPC is considering the
establishment of crude oil bases in Asia in anticipation of international
conflicts. Al-Houti is currently on his Asian tour that has also taken him
to South Korea and Singapore.
"The lower the crude price is, the more it will be unattractive to store
petroleum abroad," explained Al-Houti, citing a recent downward trend in
international prices.
Crude oil fell to a 13-month low in Asia last week on mounting distrust in
the future of global financial markets.
Asked about the possibility of holding joint crude oil reserves in Vietnam
and China, where the Gulf emirate has set up refining ventures with state-run
oil firms in their respective countries, Al-Houti said that KPC may only
consider making commercial storage facilities available for the relevant
refineries.
"That will 100 percent depend on the outcome of the joint venture projects
there. If the parties concerned find it more advantageous to secure a stable
supply for the refineries, we would consider the storage plan only for that
purpose."
Earlier this year, Kuwait Petroleum International (KPI), KPC's
international refining unit, established a joint venture with a major Japanese
refiner Idemitsu Kosan Co. and two other firms to construct a USD 6 billion
refining and petrochemical complex in northern Vietnam.
According to Al-Houti, in August, KPC signed a contract with the
Vietnam-based joint venture to supply 200,000 barrels per day (bpd) of crude
for the planned refinery, which is expected to be operational late 2013.
KPI is also leading a joint venture with Asia's top refiner Sinopec for a
300,000 bpd refinery in China's southern Guangdong Province. By 2010, China
plans to maintain a strategic oil reserve equivalent to 30 days of imported
oil, or about 10 million tons.
In October 2006, KPC and the state-run Korea National Oil Corp. launched a
three-month pilot prgram to stockpile 2 million barrels of crude oil till
December, in an attempt to examine how the scheme would work. The deal was
South Korea's first stockpiling agreement with a member of the Organization of
Petroleum Exporting Countries (OPEC).
Given that South Korea is located in the heart of Northeast Asia, the use
of its reserve facilities enabled Kuwait to deliver oil to the broader Asian
region in a few days. In return, South Korea obtained a preferential right to
purchase the oil reserves in times of emergency.
"Eventually, crude oil prices went down in 2006 and economic was not also
favorable. Thus, after the completion of a three-month trial period, both
parties concluded a renewal of the stockpiling agreement was not economically
beneficial," he said.
Meantime, Al-Houti said a series of talks between a high-level KPC
delegation and their Japanese counterparts on the future demand for crude oil
and petroleum products helped OPEC's fourth-biggest oil producer map out its
strategy for refinery and infrastructures, as well as form a clear vision of
the future where to allocate Kuwaiti products.
Referring to Japan's long-term economic decline, low population growth and
a diminishing number of drivers, Al-Houti anticipated a further slowdown in
oil demand from Kuwait's top crude oil buyers. "Some Japanese oil firms
informed us that they are now in the process of shutting down small or
inefficient refineries," he noted.
On the other hand, Al-Houti reaffirmed KPC's readiness to explore the
possibilities for expanding its alliance with Japanese firms by utilizing
their surplus refining capacity or forming a joint venture in the fast-growing
Asian market. (end)
mk.rk
KUNA 190943 Oct 08NNNN
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مجلس الوزراء
اللجنة العليا للتحضير للاحتفال بالذكرى
الـ(50)
لاستقلال دولة الكويت و الذكرى الـ (20)
لعيد التحرير
اعـــــــــــــــــــلان
فى إطار الاستعدادات و الترتيبات الجارية للإعداد و التحضير للاحتفال
باليوبيل الذهبي للاستقلال و مرور
(20) عاما على تحرير دولة الكويت و انطلاقا من
حرص اللجنة العليا على إشراك كافة قطاعات الدولة فى الاحتفال بهاتين المناسبتين
الوطنيتين
يسر اللجنة الإعلامية المنبثقة عن اللجنة العليا دعوة من يرغب من مؤسسات و
شركات القطاع الخاص و الاتحادات التجارية و الاستثمارية للمشاركة في الأنشطة و
الفعاليات المقرر تنظيمها فى شهر فبراير من العام القادم 2011م
للاستفسار والتنسيق ومزيد من التفاصيل :
1- مكتب مقرر اللجنة الإعلامية:
هاتف: 22462289
فاكس: 22462296
2- البريد الإلكتروني:
kuwait5020@media.gov.kw
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