Kuwait Petroleum Corporation (KPC) renewed its crude oil storage and transportation contract with Egypt's Arab Petroleum Pipelines Company (SUMED).
KPC said in a press statement, Tuesday, that the contract, which enters its third year, aims at strengthening Kuwait's position in oil markets by realizing a 2030 global marketing strategy.
KPC Deputy managing director of marketing operations Jamal Al-Lughani said that renewing the contract focuses on enhancing KPC's existing and potential marketing relations.
Expanding KPC presence in European would increase Kuwait's market share in that region, he said. He added that KPC was successful in entering crude oil markets in the Mediterranean, Italy, Spain, Portugal, and Turkey.