Pakistan and Kuwait hold talks at crucial time for KPC

Jul 17, 2000 02:00 AM

Pakistan's Petroleum and Natural Resources Minister, Usman Aminuddin, arrived in Kuwait to hold talks with his Kuwaiti counterpart Sheikh Saud Nasser al-Sabah, ministry officials said.
The visit comes at a crucial time for KPC, the biggest supplier of gas oil to Pakistan, which was forced to shut its main refinery. The oil analysts said Aminuddin's arrival, similar to a sudden visit he made to Kuwait's northern giant neighbour Iraq, was significant.
Kuwait has started to offer an additional 400,000 bpd of crude oil to its leading customers, particularly India and Pakistan, after the Mina al-ahmadi Refinery's shutdown.
Under an OPEC accord, Kuwait is allowed to raise its crude oil output from July 1 from the current 2.037 mm bpd. The refinery shutdown has cut capacity by some 870,000 bpd.
Analysts said Aminuddin's visit was also significant in the context of ongoing background talks between Pakistan and Iran's NIOC to start supplying gas oil to Pakistan. Kuwait enjoys a virtual monopoly in Pakistan's gas oil market with KPC supplying 70 % of its 5 mm tons of gas oil needs under a yearly contract. The Pakistan government buys the rest through quarterly spot buy tenders.
Pakistan's government also wants KPC to take part in a $ 600 mm white oil pipeline project, currently under construction.

Source: Bridge News via Newspage
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