KPC to Double Crude Export to China

first_imgzoom Kuwait Petroleum Corporation (KPC) has signed a historic deal with China’s Unipec which will see almost doubling of KPC’s shipments of crude to China.This is a milestone deal for KPC, under which, as of 2014 KPC will provide Unipec crude oil with the volume expected to reach 300,000 barrels per day (bpd). The amount equals to one VLCC heading from Kuwait to China on daily basis.The ten-year contract, that replaces the previous 160,000-170,000 bpd supply agreement, will see involvement of Kuwait Oil Tanker’s fleet.“With new and mutual cooperation between the two parties, there is a good sign of increasing the volume of our crude oil exports to China up to 500,000 bpd in the next three years,” KPC’s Managing Director of International Marketing, Nasser Al Mudhaf, told Kuwait’s News Agency (KUNA).“The deal comes at a right time, because this is the first contract on C&F basis with the use of our own vessels to deliver crude oil. It will help smooth operation, production and exports from Kuwait.“China is our new outlet where we will use more than 50% of our fleet for deliveries of crude oil,” he went on to say.World Maritime News Staff, August 25, 2014last_img read more

Toronto Wall Street end the week higher as BlackBerry shares fall on

TORONTO – The Toronto stock market closed sharply higher amid expectations that China will move to counter its economic slowdown, but an earnings report from Canadian smartphone maker BlackBerry Ltd. failed to inspire investors.The S&P/TSX composite index jumped 81.88 points to 14,260.72. The Canadian dollar fell 0.23 of a cent to 90.42 cents US.BlackBerry CEO John Chen says he is focused on growing the struggling smartphone company and has no intention of moving its main operations outside Canada.The Waterloo, Ont.-based BlackBerry, which has been restructuring and cutting costs in the last year, posted a fourth-quarter loss of US$423 million or 80 cents per share diluted in its latest quarter. This compared with a profit of $98 million or 19 cents per diluted share a year ago.However, excluding one-time items, BlackBerry (TSX:BB) said it had an adjusted loss from continuing operations of $42 million or eight cents per share.Analysts, on average, had expected a loss of 55 cents per share, according to estimates compiled by Thomson Reuters.Shares in BlackBerry rose as much as six per cent in early trading, but then reversed course and closed down more than six per cent, or 65 cents, at $9.31.Meanwhile, Wall Street was positive as the Dow Jones industrials gained 58.83 points to 16,323.06, the Nasdaq rose 4.53 points to 4,155.76 and the S&P 500 index added 8.58 points to 1,857.62.Bob Gorman, chief portfolio strategist with TD Waterhouse, said many analysts expect 2014 to be “the year of convergence” between the TSX and the New York markets, as resource stocks see a bit of a lift.“We’re having a bit of a pop to the upside,” he said. “There’s not a lot of strong storylines, but it just reflects a little bit of a bounce from recent weakness, more than anything else.”Most sectors on the Toronto Stock Exchange were in the black, with gold and metals and mining stocks emerging as the leading advancers.The gold contract took back 50 cents to US$1,294.30 an ounce, while oil gained 39 cents to US$101.67 a barrel. May copper contract gained five cents to US$3.04 a pound.Overseas, expectations grew that China would inject more stimulus into its economy after seeing growth slow to its weakest level since the financial crisis five years ago.China has set a target of 7.5 per cent economic growth this year but has said it is more concerned about ensuring sufficient new jobs are created than precisely meeting the GDP figure.In the U.S., the latest figures showed that the economy there is progressing at a moderate pace.The U.S. Commerce Department said consumer spending rose 0.3 per cent in February following a 0.2 per cent rise in January, helped by a surge in spending on utility bills. However, spending on durable goods such as autos dropped.Another report found that consumer sentiment slipped in March from the previous month, as Americans said they were less likely to buy cars and homes because of slightly higher interest rates.The University of Michigan says its consumer sentiment index dipped to 80 in March from 81.6 in February.That’s still about five points higher than last fall, when sentiment fell during the government shutdown. The index was 82.5 in December, leaving economists to conclude that the figures suggest confidence didn’t take that big of a hit during the harsh winter. by Linda Nguyen, The Canadian Press Posted Mar 28, 2014 7:46 am MDT Toronto, Wall Street end the week higher as BlackBerry shares fall on earnings AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email read more