Kuwait Petroleum renews supply deal with Chinese oil trading giant

State-run Kuwait Petroleum Corporation (KPC) on Monday renewed a contract to supply Chinese oil trading powerhouse Unipec with some 300,000 barrels per day of crude oil, the company said in a statement. Hailing the deal as a "significant step" forward, KPC chief executive Sheikh Nawaf Al-Sabah said it places the company firmly on track towards bringing future goals and strategies to fruition, according to the statement. The deal to extend the contract with China's Unipec until the year 2033 will also maintain Kuwait's presence in the Chinese market, which will pay dividends in keeping long-term growth steady, added the statement. The extension to the supply deal is a testament to Kuwait's durable trade relations with Beijing, said Sheikh Khaled Al-Sabah, the Kuwaiti state-run firm's global marketing managing director. Source: Kuwait News Agency