Japan to Pen Storage Deal with Kuwait Petroleum Corp.

published:29/11/2020 08:37 GMT

Japan's Ministry of Economy, Trade and Industry is set to sign a deal with state-run Kuwait Petroleum Corp. on Dec. 1 to lease out 500,000 kiloliter (3.14 million barrels) of storage capacity, a METI source told S&P Global Platts. The deal will give Kuwait flexibility to meet prompt demand from Japan and other Asian markets as regional consumption gradually recovers from the coronavirus pandemic. The latest deal with KPC will come as METI has been looking to increase the number of oil producing...More