Kuwait has signed an export deal of 100,000 bpd with a major Asian company, with an expected potential annual return of US$2bn

Nabil Bouresli, managing director of international marketing at Kuwait Petroleum Corporation (KPC), said, “The contract is one of the important strategic agreements that reinforces Kuwait’s position as a main oil supplier in the Asian markets.”

Kuwait plans to raise its crude oil production by 150,000 bpd in Q3 2016 and aims to sign new export deals with European customers soon, Bouresli had said earlier this month.

According to the US Energy Information Administration, Kuwait produces some 2.6mn bpd and holds the world’s sixth-largest oil reserves.

A study for the construction of a large petrochemical complex in the Al-Zour region of Kuwait is also expected to be completed this month, a report said.

“The study for the petrochemicals project in Al-Zour is expected to be completed this month and is to be presented to the Kuwait National Petroleum Company (KNPC),” said the Emirates 24/7 report.

Based on the study, KNPC will decide whether to build a complex for the production of olefins, polypropylene or aromatics, it added.

The complex is part of a US$30bn venture, which also involves the construction of Al-Zour 615,000 bpd refinery and gas facilities, according to the report.

The planned venture is called Kuwait Petrochemicals and Refinery Company.