KPC: European Talks on Storing Refined Products
The CEO of Kuwait Petroleum Corporation revealed talks with European partners to store refined products, alongside studies to increase local and external capacity.
Translated by Qiyas from الجريدة — Original source
Kuwait National Petroleum Company (KNPC) Chief Executive Sheikh Nawaf Al-Saud announced that the company is holding talks with European partners, informing them that they require logistical services that include storage for refined petroleum products. He also noted discussions with Saudi Arabia and the United Arab Emirates regarding pipelines connecting to their ports.
Speaking at an energy forum in London today, Al-Saud said the company is on track to achieve its goal of reaching a crude oil production capacity of 4 million barrels per day by 2035.
He stated that the company is considering increasing local storage capacity and storage at its three overseas refineries, adding that some customers are using their own tankers to come to the Gulf region, and more are expected to follow. He noted that KNPC’s estimates indicate the market is currently losing approximately 6 million barrels per day of refined products.
Al-Saud clarified that the company does not offer discounts or insurance to customers who bring their own tankers to the Gulf region, and that it continues to use ship-to-ship transfers despite ongoing attacks.
He emphasized that pipelines and storage facilities cannot replace freedom of navigation through the Strait of Hormuz.
In a related development, a document reviewed by Reuters today showed that KNPC has offered 35,000 tons of full-range naphtha for sale to buyers in Asia on a delivered ex-ship basis at the destination port.
The tender indicated that the shipment is scheduled to be loaded between October 20 and 31.
