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Kuwait hopes to boost oil sales to India through buying refinery stake - executive

Reuters  |  NEW DELHI 

By and Nidhi Verma

(Reuters) - Middle Eastern hopes to sell an additional 200,000 barrels per day (bpd) of to through the purchase of a stake in an in the country, Petroleum International (KPI) said on Wednesday.

intends to sign an agreement to buy a stake in an Indian refinery and petrochemical project in about one to two weeks, Bourisli said while attending the International Energy Forum in He did not give a location for the project other than in

Bourisli said that Kuwait's is at 2.7 million bpd currently to comply with the supply cuts of the Organization of the Petroleum Exporting Countries, down from their actual capacity of as much as 3.3 million bpd.

"We're going with the OPEC quota so we cannot do anything even with the increasing demand in the world," said Bourisli. "What's important to OPEC now is to get an acceptable level of the price."

Exports of Kuwait's new light crude has been delayed, likely to the second quarter, because of problems at production facilities, he said. Output of the light crude will start at 100,000 bpd before increasing to 300,000 bpd, he said.

"If we increase light crude exports, we will have to reduce KEC" to keep production at 2.7 mln bpd, he said referring to Kuwait's sole export grade.

operates two refineries with a total capacity of about 780,000 bpd, he said. It has a clean fuels project to upgrade a refinery which will be completed by October while its Al-Zour refinery, with a capacity of 615,000 bpd, is on track for start-up in the second half of 2019, he said.

also expects its joint-venture refinery to ramp up to full production by the end of August after running at half of its capacity in February, he said.

Its joint-venture Duqm refinery-petrochemical complex in is due to be completed by the end of 2022.

(Editing by Christian Schmollinger)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, April 11 2018. 11:36 IST