On the path of Saudi Arabia and UAE .. Kuwait stores quantities of its crude oil in Japan

Kuwait News Agency reported that the deputy managing director of international marketing operations in Kuwait Petroleum Corporation, Ghadeer Al-Qadfan, announced the signing of an agreement with the Japanese Ministry of Economy, Trade and Industry to store 3.14 million barrels of crude oil in Japan.

In a statement to the Kuwait News Agency (KUNA), Al-Qadfan added that this agreement is in line with KPC’s 2040 strategy to secure the storage of crude oil outside of Kuwait, as well as enhancing its plans and marketing share in the Far East region as a major supplier.

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, she indicated.

Al-Qadfan thanked all the teams working at KPC fot their efforts, tireless follow-up and cooperation with KPC’s office in Seoul to complete this agreement at a time when oil demand is gradually recovering due to covid-19 pandemic.