The CEO of Kuwait Petroleum Corporation, Sheikh Nawaf Saud Al-Sabah, stressed the corporation’s commitment to providing its customers with what they need of crude oil and its derivatives, indicating that it looks at supply and demand in general, and will continue to fulfill its international obligations.
Al-Saud revealed, in an interview, that the institution is currently renewing its contracts for the next year, and is talking to its customers in this regard, pointing out that “they want quantities this year or slightly less in 2023, which gives us an indication that our customers will not request more quantities next year.”
On whether European countries will rely on Kuwaiti diesel instead of its Russian counterpart, Al-Saud said, “We have made investments worth approximately $30 billion in Kuwait to build a new refinery, in addition to developing and modernizing two existing ones, so that we can supply low-sulfur products, which are the products that are considered the highest quality in the market in terms of environmental impact.” He added, “We market these products globally and seek to increase our market share in Europe. Thus, European dependence will increase in terms of fuel products more than in terms of crude oil.”
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