Having established a trading office in Dubai, Kuwait’s state-run KPC is now starting to gear up to take a foothold in the nearby storage and trading hub of Fujairah. KPC Trading was established in the Dubai International Financial Center (DIFC) in May, listing KPC’s Managing Director of International Marketing Khaled Al Sabah, Legal Affairs Manager Hessah al-Twaijri and Mudhi al-Shammiri as its directors.
“KPC is entering Fujairah in a big way,” says a trading source, noting that the new trading firm is seeking to aggressively hire from established trading firms in the UAE. “They’re going to start trading everything; fuel oil, gasoil, naphtha, the works,” the source adds. With record exports from its 1.4mn b/d of domestic refineries this year and a 50% stake in Oman’s 230,000 b/d Duqm refinery down the coast, KPC can bring significant volumes to Fujairah. Now it just needs to secure tankage. (CONTINUED - 151 WORDS)