Kuwait Increases Heavy Crude Offers Due to Al-Zour Refinery Outage
State-owned Kuwait Petroleum Corp is offering additional heavy crude following an outage at its Al-Zour refinery. It has put up 1.3 million barrels for November loading. Last week, KPC sold 800,000 barrels of crude. Al-Zour units are expected to restart by November 7 after a fire-induced shutdown.
- Country:
- Singapore
Kuwait Petroleum Corp (KPC) has ramped up its offerings of heavy crude after an unforeseen shutdown at the Al-Zour refinery, according to sources close to the trade. A tender issued by KPC closed Thursday, detailing the availability of 800,000 barrels of Kuwait Heavy Crude for mid-November loading alongside 500,000 barrels of Eocene for later that month.
Details surrounding the tender award remain undisclosed. In the preceding week, KPC successfully exported two cargoes, increasing the aggregate heavy crude supply distributed so far to 2.9 million barrels. KPC remains quiet regarding any comments outside business hours when approached by Reuters.
This surge in export follows an incident on October 21 when the Kuwait Integrated Petroleum Industries Company halted sections of its massive 615,000 barrels-per-day Al-Zour refinery owing to a fire outbreak. Industry analysts anticipate a full operational restart by November 7, as spot premiums saw significant gains following a recent decline.
ALSO READ
-
Looking at diverse sources to meet energy security: India on crude oil procurement
-
We are guided by imperative to secure energy from diverse sources to meet energy security for our people: MEA on India's crude procurement.
-
Our decisions naturally take into account evolving dynamics of global oil market: MEA on India's procurement of Russian crude oil.
-
HMEL Halts Russian Crude Purchases Amid New Sanctions
-
Indian Oil Firms Navigate Sanctions: Russian Crude Still on the Table
Google News