Kuwait Petroleum signs deal to store 3.14 mln barrels of oil in Japan: KUNA

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State-owned Kuwait Petroleum Corp (KNPC) signed an agreement to store 3.14 million barrels of crude oil in Japan, Kuwait News Agency reported on Wednesday, citing the company’s deputy managing director of international marketing, Ghadeer al-Qadfan.

The agreement is part of KPC’s efforts to secure storage abroad and increase its market share in the Far East, he said according to the state-run news agency.

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Kuwait National Petroleum Corporation (KNPC) has cancelled a large number of tenders and contracts this year amid the slump in oil demand due to the coronavirus pandemic.

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