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Chinese oil company wins $350 mln contract in Kuwait |
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09:28, April 06, 2009 |
The state-own Kuwait Oil Company (KOC) has signed a 117 million kuwait dinars (350 million U.S. dollars) contract with China's top oil refiner China Petroleum and Chemical Corp. (Sinopec) to build five oil and gas rigs in Kuwait, KOC said Sunday.
Sami Al-Rusheid, Chairman and Managing Director of KOC said in a statement that the contract is part of the company's strategy to reach a production level of four million barrels a day by 2020.
Al-Rusheid expressed hope that the deal can help for the establishment of a long-term and sturdy partnership with Sinopec.
Last week, Kuwait announced that its oil output capacity has increased to three million barrels a day. Currently it produces around 2.3 million barrels per day.
Source: Xinhua
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