State-owned holding group Kuwait Petroleum Corporation (KPC) has signed a $2bn crude supply contract with Petron Singapore Trading, a subsidiary of the the Philippines Petron Corporation.
KPC will supply Petron with 65,000 barrels of Kuwaiti crude oil on a daily basis for one year starting on 1 January 2015, according to KPCs international marketing managing director Nasser al-Mudhaf, who spoke to the Kuwait News Agency.
The contract would be renewed automatically unless one of the two signing parties asked for its abolishment, he said.
Al-Mudhaf said Petron had showed interest in expanding its partnership with KPC and increasing the amount of crude being purchased to 100,000 barrels a day.
He also said that Kuwait Oil Tanker Company (KOTC) may be used to transport some or all of the oil.