BP and Kuwait Petroleum Corporation (KPC) have inked an agreement to explore possible joint opportunities for investment and cooperation in oil, gas, trading and petrochemicals ventures in the future.
In addition to enhancing oil and gas recovery from Kuwait's existing resource, the agreement also intends to study opportunities for joint investment in oil and gas exploration both inside Kuwait and globally.BP and Kuwait Petroleum Corporation (KPC) have inked an agreement to explore possible joint opportunities for investment and cooperation in oil, gas,#
As per a BP press release, other elements of the agreement cover possible future oil and gas trading deals including LNG trading and related ventures.
Opportunities for cooperation and investment in midstream and petrochemical projects globally will also be considered under the agreement.
This includes potentially deploying BP's proprietary paraxylene technology as part of KPC's petrochemicals projects.
“BP's commitment to Kuwait dates back to our participation in the discovery of the giant Burgan oil field in the 1930s and we are there today extending the life of the field,” BP CEO Bob Dudley said.
“We look forward to working with KPC to help the people of Kuwait realise the full potential of their nation's oil and gas resources and exploring new opportunities globally,” Dudley added. (AR)
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