In Freight News 07/04/2015
Kuwait’s crude oil exports to China in February more than tripled, or rose 263.8 percent from a year earlier to 1.04 million tons, equivalent to around 273,000 barrels per day (bpd), government data showed.
Kuwaiti shipments of crude oil to China exceeded 200,000 bpd level for the sixth consecutive month since September, according to the General Administration of Customs.
China’s overall imports of crude oil rose 10.8 percent in February on the year to 25.53 million ton (6.69 million bpd).
Saudi Arabia remained China’s top supplier in the reporting month, with its shipments slightly increasing 1.8 percent to 1.15 million bpd, followed by Angola with 812,000 bpd, down 16.6 percent.
Russia became third but imports from the country declined 1.5 percent to 703,000 bpd. Iraq ranked fourth and Oman fifth, respectively.
The State-run Kuwait Petroleum Corporation (KPC) signed a 10-year crude supply deal with China’s top energy trader Unipec in August, the biggest-ever sales contract in KPC’s history by volume and revenues in all regions.
Under the landmark agreement, the KPC supplies Unipec 300,000 bpd of crude oil, with a strong possibility of increasing the volume to 400,000 bpd.
