Having invested $30bn in refinery expansion and upgrading projects, Kuwait is now looking to begin profiting from its investments. It sees a golden opportunity to capture new markets in Europe, where an embargo on imports of Russian refined products is due to come into force from 5 February 2023.
Sheikh Nawaf Al-Sabah, CEO of Kuwait Petroleum Corporation (KPC), the emirate’s umbrella NOC told Bloomberg TV this week that he expects the displacement of Russian volumes to mark a permanent structural shift in global markets. With European buyers looking for alternative suppliers Sheikh Nawaf aims to “recapture market share,” in particular for ultra-low sulfur diesel and fuel oil. (CONTINUED - 860 WORDS)
