Wednesday 11, April 2018 by Jessica Combes

Kuwait buys stake in refinery to boost oil sales to India

 

In a bid to sell an additional 200,000 barrels per day (bpd) of crude oil to India, Kuwait has purchased a stake in an oil refinery in the country, confirmed Kuwait Petroleum International (KPI) Chief Executive Officer Nabil Bourisli, according to Reuters.

The agreement is likely to be signed within the next fortnight, though the location has not yet been confirmed.

Kuwait’s oil production is currently at 2.7 million, in compliance with OPEC cuts, though their capacity is an estimated 3.3 million bpd. The country operates two refineries with a total capacity of about 780,000 bpd, with a clean fuels project to upgrade a refinery which is expected to be completed by October while its Al-Zour refinery, with a capacity of 615,000 bpd, is on track for start-up in the second half of 2019, Bourisli said, in a Reuters report.

 

  

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