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

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 Urban

17 Sep 2025

DCPC Prepares for Special Campaign 5.0 with Focus on E-Waste

The Department of Chemicals and Petrochemicals (DCPC), Ministry of Chemicals and Fertilisers, is gearing up for Special Campaign 5.0, to be held from 2nd to 31st October 2025. The initiative will focus on e-waste disposal as per MoEFCC’s E-Waste Management Rules 2022, space optimisation, and enhancing workplace efficiency across field offices.Special Campaign 4.0, conducted between October 2023 and October 2024, delivered notable results in record management, grievance redressal, scrap disposal, and cleanliness drives.Key outcomes of Special Campaign 4.0Records management: 2,443 physical fil..

Real Estate

17 Sep 2025

BlackRock India Leases 1.4 Lakh Sq Ft in Bengaluru

BlackRock Services India, the domestic arm of global asset manager BlackRock, has leased 1.4 lakh sq ft of office space at IndiQube Symphony in Bengaluru, according to Propstack data. The 10-year deal is valued at around Rs 4.10 billion.The lease, among the largest transactions in India’s co-working sector, highlights the growing preference of global institutions for flexible office providers. The agreement, commencing October 1, 2025, covers ground plus five floors in KNG Tower 1 at Ashoknagar, MG Road — one of Bengaluru’s prime commercial hubs.As per the lease document, BlackRock will ..

Infrastructure Transport

17 Sep 2025

L&T Bags Rs 25–50 Bn Order for Mumbai-Ahmedabad Bullet Train Track Works

Larsen & Toubro’s (L&T) Transportation Infrastructure business has secured an order valued between Rs 25 crore and Rs 50 billion from the National High Speed Rail Corporation Limited (NHSRCL) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor.The contract, Package T1, involves the design, supply, construction, testing, and commissioning of 156 route km of high-speed ballastless track on a Design-Build Lump Sum Price basis. The stretch runs from Mumbai’s Bandra-Kurla Complex to Zaroli village in Gujarat and includes 21 km of underground track and 135 km of elevated viaduct.Se..