Deputy Managing Director of International Marketing Operations at Kuwait Petroleum Corporation (KPC) Ghadeer Al-Qadfan announced on Wednesday that KPC signed a deal with the Japanese Ministry of Economy, Trade and Industry to store 3.14 million barrels of crude oil in Japan.
Al-Qadfan said that agreement is part of KPC’s efforts to secure storage abroad and increase its market share in the Far East.
With this deal, Kuwait joins Saudi Arabia and the UAE in storing its oil in Japan for strategic and commercial purposes, taking into account the priority of supplying Japan with crude oil in case of an emergency.
Source-KUNA
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