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| Kuwait doubles crude oil exports to China |
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| Power & Materials 11/9/2008 9:00:00 AM |
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| KPC's Managing Director of International Marketing,Abdullatif Al-Houti, |
TOKYO, Nov 9 (KUNA) -- Kuwait's crude oil exports to China soared 111.2 percent in September from a year earlier to 800,300 tons, equivalent to around 196,000 barrels per day (bpd), the latest government data showed.
Kuwait provided 5.3 percent of China's total crude oil imports, compared with 5.1 percent in August, according to the figures released from the Chinese General Administration of Customs.
China's overall imports of crude oil went up 10.0 percent year-on-year to 15.03 million tons (3.67 million bpd) in September. Saudi Arabia came back as China's top supplier with its shipments rising 63.6 percent to 4.07 million tons (994,000 bpd), followed by Angola with 2.15 million tons (525,000 bpd), up 4.4 percent.
Iran became third, with imports from the country increasing 43.3 percent to 1.90 million tons (465,000 bpd). Oman ranked fourth with 1.38 million tons (336,000 bpd), up 11.9 percent.
China is the world's second-biggest oil consumer after the US. Last month, state-run Kuwait Petroleum Corporation (KPC) reaffirmed that Kuwait is on course for its China-bound crude oil export target of 500,000 bpd by 2015, but success will heavily depend on the Sino-Kuwaiti refinery project.
Abdullatif Al-Houti, KPC's Managing Director of International Marketing, made remarks to KUNA citing an envisaged 300,000 bpd refinery in China's southern Guangdong Province.
Kuwait Petroleum International (KPI), KPC's international unit specializing in refinery projects, is teaming up with China's top refiner Sinopec Corp. for the USD 8-9 billion refinery and petrochemical complex, which will be designed to process Kuwait Export Crude (KEC) supplied by KPC.
The complex is expected to be on-stream by 2012, but the joint venture still awaits approval from the National Development and Reform Commission, China's top economic planning agency.(end) mk.wsa KUNA 090900 Nov 08NNNN
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| Kuwait doubles crude oil exports to China |
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