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The most important achievements and events of the Oil and Energy sector in Kuwait of the year 2020

26-12-2020

The Oil and Energy sector in Kuwait overall has many achievements during the year 2020 as it follows; the Kuwait Petroleum Corporation has announced on January 2nd that the price of an oil barrel on the first day of trading in a year is $ 66.1per barrel. The KPC and Qatar Petroleum signed a long-term purchase agreement on January 5, which Qatar Company supplies Kuwait about three million tons of LNG yearly a period of 15 years. The KPC has announced January 6, the price of the oil barrel has increased to $69.9 barrel on a year. The KPC has exported the first shipment of low-sulphur diesel for the international markets on January 14. The Kuwait Oil Company, began to operate the heavy oil project in the northern side of Kuwait on the 24th of February, also it’s considered the largest oil project of the company. Kuwait Oil Tanker Company has officially received the giant liquefied gas called (Um Ruwaist) on March 10, also officially received a petroleum product tanker called, (Al Yamamah) on March 31st from the Korean Company called (Hyundai Mipo Do Kard), by bringing the company’s fleet rate to 29 different sizes and purposes tankers. After a break of nearly five years, the first shipment of Khafji crude oil was exported between Kuwait and Saudi Arabia in the divided region on April 5, which is considered the first agreement of reproduce production of the reproduce production in the region between the two countries. The KPC has announced the registration of an oil barrel on April 21st, with a low-price in a year in an amount of $13.2 per-barrel. Kuwait Oil Tanker Company has officially received petroleum tanker products, on April 28 (Shaqdiyah) from a Korean company called (Hyundai Mipo Dockyard). The tanker has approved specifications internationally with a payload equivalent to (48.578 MT), and a speedup to 15 knots per hour. Kuwait International Petroleum Company has announced on May 22, the export of Mina Al-Ahmadi Refinery of the company’s first shipment of high-quality Petroleum Coke to the global markets. The Ministry of Oil, Electricity and Water Agency, Dr. Khalid Fahel has made a decision on June10, to stop hiring expatriate workers in the Petroleum Corporation and to legalize their exclusivity and private contracts, also its subsidiary companies for the year (2020-2021). Kuwait National Petroleum Company, has completed the acid gas processing plant project at Mina Al-Ahmadi Refinery on June 16, which will handle the gas and acid condensate produced by the KOC field, which is located in the western side of the country. Kuwait Petroleum Exploration Company (KUFPEC) has announced on June 18, the first oil production from a well, that is located in the Gulf of Suez in the Arab Republic of Egypt. Kuwait Aviation Fueling Company (KAFC) on November 11, wins first place in the Excellence Award in Human Resources Management in 2020, which annually organized within the human resources conference and exhibition in Dubai. For the sixth year in a row, Kuwait Oil Tanker Company was awarded for the “Environmental Protection in Shipping” award for the Middle East and Indian subcontinent on November 23, which was provided by the Marine Standards Organization. The KPC signs an agreement on December 2nd, with Japan’s Ministry of Economy Trade and Industry, to store 3.14 million barrels of crude oil in Japan. December 25: the price of Kuwait’s oil barrel rises $1.58 to $50.87.