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

A file photo shows KNPC's new LPG TRAIN-4 Project which processes 800 million cubic feet of natural gas, at the al-Ahmadi refinery plant complex, 40 kilometers South of Kuwait City. (KNPC /AFP)

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.

For all the latest headlines follow our Google News channel online or via the app.

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.

Read more:

Kuwait Petroleum cancels contracts, slashes expat jobs amid coronavirus oil slump

OPEC delays talks with allies over possible extension to output cuts

Oil rally stalls despite signs that COVID-19 vaccine could increase fuel demand

Last Update: Wednesday, 02 December 2020 KSA 17:47 - GMT 14:47