Kuwait to curtail oil supply for Asian buyers

19 Feb 2021 Editorial Team

At a meeting with Indian refiners, KPC officials said the company's next oil supply contracts with Indian buyers would run between April to December rather than up to March 2022.

The proposed change in oil supply follows a decision by Iraq, OPEC's second biggest producer, to cut its oil exports to India this year to comply with OPEC quotas just as Indian refiners ramp up output to meet a demand uplift as the world's third largest crude importer emerges from the Covid-19 pandemic.

KPC's 615,000 barrels per day (BPD) Al-Zour refinery, the country's fourth, is due to start operating towards the end of the year, turning the nation into one of the biggest fuel producers in the region.

Indian refiners had planned to ramp up imports of Kuwaiti oil this year after Iraq cut term supplies of its Basra light grade this year.

Bharat Petroleum Corp has sought a 25% increase in its KPC supplies to 60,000 BPD with an option to buy an additional 50,000 BPD for 2021-22. The company had an option to buy 28,000 BPD in this financial year to March 31.

Make in Steel 2021

24 February

Click for event info

4th Indian Cement Review Conference 2021

17-18 March

Click for event info

Mangalore Refinery and Petrochemicals was another Indian refiner looking to ramp up contract volumes, seeking a 14% uplift to 40,000 BPD while raising optional purchase volumes to 15,000 BPD from 10,000 BPD in 2020-21.

Meanwhile, Indian Oil Corporation (IOC) wants to cut its contract volume to 100,000 BPD from 120,000 BPD but plans to raise optional volumes to 50,000 from 30,000 BPD.

KPC and the refiners are still negotiating volumes under the new supply deals while a Japanese refiner is in talks over its contract's duration.

Image: Kuwait had earlier explored partnerships with India beyond oil in the wake of the global push for renewable energy.

Also read: ONGC doubles investment to recover from pandemic blues

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

The fourth biggest oil producer in the organisation of the petroleum exporting countries (OPEC), Kuwait Petroleum Corp (KPC), is planning to shorten its annual supply deals with some of its Asian buyers such as India and Japan to nine months this year to meet demand from its new refinery, sources told the media. At a meeting with Indian refiners, KPC officials said the company's next oil supply contracts with Indian buyers would run between April to December rather than up to March 2022. The proposed change in oil supply follows a decision by Iraq, OPEC's second biggest producer, to cut its oil exports to India this year to comply with OPEC quotas just as Indian refiners ramp up output to meet a demand uplift as the world's third largest crude importer emerges from the Covid-19 pandemic. KPC's 615,000 barrels per day (BPD) Al-Zour refinery, the country's fourth, is due to start operating towards the end of the year, turning the nation into one of the biggest fuel producers in the region. Indian refiners had planned to ramp up imports of Kuwaiti oil this year after Iraq cut term supplies of its Basra light grade this year. Bharat Petroleum Corp has sought a 25% increase in its KPC supplies to 60,000 BPD with an option to buy an additional 50,000 BPD for 2021-22. The company had an option to buy 28,000 BPD in this financial year to March 31.Make in Steel 202124 February Click for event info4th Indian Cement Review Conference 202117-18 March Click for event info Mangalore Refinery and Petrochemicals was another Indian refiner looking to ramp up contract volumes, seeking a 14% uplift to 40,000 BPD while raising optional purchase volumes to 15,000 BPD from 10,000 BPD in 2020-21. Meanwhile, Indian Oil Corporation (IOC) wants to cut its contract volume to 100,000 BPD from 120,000 BPD but plans to raise optional volumes to 50,000 from 30,000 BPD. KPC and the refiners are still negotiating volumes under the new supply deals while a Japanese refiner is in talks over its contract's duration.Image: Kuwait had earlier explored partnerships with India beyond oil in the wake of the global push for renewable energy. Also read: ONGC doubles investment to recover from pandemic blues

Infrastructure Transport

01 Jun 2026

MMRDA advances 250 m on Orange Gate–Marine Drive tunnel

The Mumbai Metropolitan Region Development Authority (MMRDA) has completed 250 m of underground tunnelling for the Orange Gate–Marine Drive Urban Road Tunnel using India’s largest slurry shield tunnel boring machine (TBM) deployed for an urban road project.The project involves twin tunnels extending over 7 km beneath critical transport corridors, including Central Railway, Western Railway and Metro Line 3. The work requires high-precision engineering to navigate densely developed urban infrastructure.Once completed, the tunnel is expected to reduce travel time between Orange Gate and Marin..

Infrastructure Urban

01 Jun 2026

Hindustan Zinc Pays Rs 188.46 Billion in FY26

Hindustan Zinc contributed Rs 188.46 billion to the public exchequer in FY 2025-26, according to its 9th Tax Transparency Report. The contribution, equivalent to 46 per cent of the company’s revenue, included direct and indirect taxes, government royalties, dividends to the Government of India, withholding taxes and other statutory levies.The company’s five-year cumulative contribution to the exchequer stood at Rs 915.72 billion. In FY26, Hindustan Zinc reported revenue of Rs 408.44 billion, EBITDA of Rs 221.62 billion and profit after tax of Rs 138.32 billion. It also achieved its highest..

Infrastructure Urban

01 Jun 2026

World of Concrete India 2026 Opens in Mumbai

Informa Markets in India will host the 12th edition of World of Concrete India 2026 from 3–5 June 2026 at the Bombay Exhibition Centre, Mumbai. The specialised B2B exhibition will bring together manufacturers, suppliers, contractors, developers, architects, consultants, infrastructure companies, project leaders and government stakeholders.The event is expected to feature over 350 brands and more than 18,000 trade professionals. It will cover concrete and cement, dry mortar, precast technologies, formwork, construction chemicals, industrial and commercial flooring, scaffolding, safety solutio..