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Kuwait Petroleum Corp News

03 Sep 2020

Fully Loaded Oil Tanker Catches Fire Off Sri Lanka

A fully loaded oil tanker has caught fire off the east coast of Sri Lanka, which has dispatched an aircraft and two navy ships to help in the rescue, a Sri Lankan navy spokesman said on Thursday.The New Diamond, a very large crude carrier (VLCC) chartered by Indian Oil Corp (IOC), was heading to the port of Paradip in India, where the state-run firm operates a 300,000 barrel-per-day refinery.The ship had sailed from the port of Mina Al Ahmadi in Kuwait, carrying Kuwait Export Crude, Refinitiv Eikon ship tracking data showed.The Sri Lankan spokesman, Commander Ranjith Rajapaksa, said the VLCC was ablaze about 20 nautical miles off the east coast.

06 Jan 2020

Kuwait Signs 15-yr LNG Gas Deal with Qatar

State-owned Kuwait Petroleum Corp signed a 15-year agreement with Qatar Petroleum to import three million tonnes of liquefied natural gas (LNG) each year starting from 2022.The agreement was signed by Dr. Khaled A. Al-Fadhel, the Minister of Oil and the Minister of Electricity & Water, the Chairman of the Board of Kuwait Petroleum Corporation and His Excellency Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, during a special ceremony held in Kuwait City.Under the 15-year agreement, LNG deliveries to Kuwait’s new world-class LNG receiving terminal at Al-Zour Port will commence in 2022 to support meeting Kuwait’s growing energy needs and demand…

25 Dec 2017

Kuwait Signs LNG Import Deal With Shell

Kuwait Petroleum Corp. (KPC) has signed a 15-year liquefied natural gas import deal with Royal Dutch Shell Plc to help the oil exporting nation meet growing domestic energy demand. A report in Bloomberg said that the sales purchasing agreement with Shell International Trading Middle East Ltd. will start in 2020. The contract will cover 2 million to 3 million metric tons of LNG a year. The volumes delivered under the contract will be used to fire up KPC’s power stations. A press release said that Kuwait wants cleaner burning energy sources such as natural gas to reduce emissions and improve air quality. The deal would “provide fuel to power stations in Kuwait,” KPC said in the statement but did not disclose the value of the deal or the volumes that will be supplied.

25 Mar 2017

Gazprom to Cement LNG Ties with Kuwait

Russia-based energy company Gazprom has negotiated about supplies of liquefied natural gas (LNG)  to Kuwait, reports Tass. The talks continue in "a rather progressive mood,"during the the Energy Minister Alexander Novak’s visit to the Middle East country, the report said. However, it is too early yet to speak about finalizing them. Though Kuwait is satisfied with LNG supplies from Qatar, the parties continued the discussion on a long-term contract. Kuwait is building a new LNG terminal, which should be ready by 2020. Two years ago, Gazprom signed a memorandum of understanding to co-operate in LNG with Kuwait Petroleum Corp (KPC), part of a wider deal between the two countries to forge closer ties in investment, technical and research matters.

24 Mar 2017

Asian Spot LNG Prices Slip on Weak Demand

© Altin Osmanaj / Adobe Stock

Asian spot LNG prices fell this week on poor demand from major gas-consuming regions despite a slew of new purchase tenders. The May spot LNG contract fell by $0.25 cents to $5.40 per million British thermal units (mmBtu), with new production coming on stream in Australia and the United States. Analysts and traders mainly blamed low demand for driving prices lower. In the Middle East, Abu Dhabi was staying on the sidelines of the market and new solar power capacity in Dubai was eroding gas demand there.

24 Sep 2014

Kuwait to Ship Crude to Egypt in October

Kuwait said on Wednesday it would ship around two million barrels of crude oil in early October to Egypt, giving it priority as a buyer ahead of sales from storage into the Mediterranean market. The deal for two million barrels a month of Kuwaiti crude was signed this week with the Arab Petroleum Pipeline Co., known as SUMED. SUMED, which owns and operates Egypt's Mediterranean port of Sidi Kerir, is half owned by state run oil company Egyptian General Petroleum Corp (EGPC) while a group of four other Gulf Arab countries - Saudi Arabia, Kuwait, United Arab Emirates and Qatar - own the other half. "The storage contract with SUMED aims at streamlining crude oil exports to Europe across the Mediterranean"…

24 Sep 2014

BPC Tenders 170mb Naphtha Parcel

Bangladesh Petroleum Corp (BPC) issued an international tender to sell 170,000 barrels of naphtha on Wednesday for Oct. 27-29 loading from Chittagong, a company official said. The tender will close on Oct. 13, with validity up to Oct. 16. The offer came as the discount on the Asian naphtha price differential for first-half November and first-half December widened to $3.50 a tonne to reach its lowest in six sessions as an excess of cargoes persisted. BPC sold a same-size cargo to Vitol Asia at premiums of $1.32 a barrel to Singapore quotes, the highest since March 2013. Apart from exporting, BPC sells naphtha domestically to privately owned Super Petrochemical. BPC had earlier finalised second-half term contracts for refined oil products at mostly unchanged premiums.

11 May 2014

Kuwait Says To Sign $12bn LNG Supply Deal With Shell

Kuwait's state oil group said on Sunday it would sign a six-year liquefied natural gas (LNG) supply deal with Royal Dutch Shell estimated at $12 billion as the major oil exporter seeks to meet energy demands for the hot summer months. It was not immediately clear if the contract was the same as an LNG supply deal between Kuwait Petroleum Corp and Shell reported last month in a Kuwaiti newspaper. KPC officials were not immediately available for comment. In a statement KPC said Oil Minister Ali al-Omair had received a delegation from Shell to sign the contract. It did not provide the volume of the super-cooled gas that would be supplied by Shell. Kuwait wants to burn LNG instead of resorting to diesel and crude oil, which have higher harmful emissions, KPC added.

27 Sep 2006

KOTC to Order Mega Vessels

According to AFP, Kuwait Oil Tanker Co. (KOTC) will soon order four giant oil tankers expected to cost some 500 million dollars, chairman Abdullah Al Rumi said on Wednesday. The new order was approved by the national oil conglomerate Kuwait Petroleum Corp. (KPC), and will be offered in a tender soon, Rumi told the official KUNA news agency. Each has a capacity of 300,000 tonnes and will replace old tankers in the company’s fleet of 24 vessels. KOTC signed three contracts in 2004 with South Korean companies to build seven new vessels at a cost of 540 million dollars. Delivery is expected to start next year. They include two very large crude carriers (VLCC), two liquefied petroleum gas tankers and three petroleum products vessels. Source: Business Times