kuwait petroleum corporation

 

  • [15] In December 2020, KPC signed a lease with Japan’s Ministry of Economy, Trade and Industry for 3.14 million barrels of oil to be stored at Kiire station starting in the
    first quarter of 2021.

  • [11] The cancellation of the Al-Dabdaba solar plant came in July 2020, which would have provided 15 percent of the electrical energy needed in the oil sector.

  • The Al-Zour refinery is planned to open by the end of the year, which would allow the KPC to once again supply more oil and return the contracts to a 12-month length in 2022.

  • [16] As the coronavirus-driven oil price changes continued on, the KPC went into negotiations with Kuwait’s General Reserve Fund (GRF) to set up a payment schedule for US$20
    billion which will be carried out over the course of over 15 years.

  • Kuwait Petroleum Corp., the state-run oil company, sold its crude oil at $3.95 a barrel below the regional benchmarks, the biggest discount since December 2008, Bloomberg
    reported 11 Dec. 2014.

  • [2] In February 2021, KPC announced that oil production would be reduced and that supply contracts with Indian and Japanese buyers would be shortened to nine months, ending
    in December, instead of going for the full 12 months to March 2022.

  • Saudi Arabia and Iraq also cut oil prices for Asia following the Organization of Petroleum Exporting Countries’ decision to maintain production levels, which ensured that
    global oil prices would stay low.

  • [9] In March 2020, KPC announced that it and all of its subsidiaries were to cut capital and operational spending for the year since the spread of the coronavirus caused serious
    problems in oil supply and prices.

  • Bringing together some of the best industry expertise and world-class facilities, KIPIC’s mission is to be the leader in integrated refining and petrochemicals operations
    and liquefied natural gas import in Kuwait’s Al Zour Refinery.

  • In 1975 the state signed agreements with British Petroleum and Gulf and after its shares were progressively increased,[2] Kuwait Petroleum Corporation was founded on 27 January
    1980[3] as an umbrella company, integrating KOC, KNPC, KOTC and PIC and effectively placing them under government control.

  • Kuwait has sold crude oil to Asia at a discount since at least 2000.

  • [27][28] In December, KPC decided to extend the supply contracts back to March 2022, after the commissions for the Al-Zour refinery were delayed.

  • [6] In January 2020, Kuwait Petroleum Corporation and QatarEnergy signed a 15-year sale and purchase agreement for the supply of up to 3 million tonnes of LNG to Kuwait annually.

  • [33] Subsidiaries The subsidiary companies of KPC are:[34] • Kuwait Oil Company (KOC) • Kuwait National Petroleum Company (KNPC) • Petrochemicals Industries Company (PIC)
    • Kuwait Oil Tanker Company (KOTC) • Kuwait Foreign Petroleum Exploration Company (KUFPEC) • Kuwait Petroleum International Limited (KPI – Q8) • Kuwait Gulf Oil Company (KGOC) • Kuwait Integrated Petroleum Industries Company (KIPIC) Environmental
    concerns In March 2023 Kuwait Oil Company (KOC), a subsidiary of the state-owned Kuwait Petroleum Corporation, declared a “state of emergency” after an oil spill on land in the west of the country.

  • [19][20] A yearly payment of US$1.83 billion was agreed upon in April 2021, the KPC has the option to pay back more per year depending on where the company stands financially.

  • Q8’s large share of the Belgian market is due to the acquisition of Belgian BP offices in 1998 and the Aral stations in 1999.

  • [7][8] The agreement was signed in order to meet Kuwait’s growing energy needs and the LNG delivery will begin from 2022.

 

Works Cited

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Photo credit: https://www.flickr.com/photos/zyxo/4418204816/’]