Kuwait Petroleum Corporation (KPC) and Arab Petroleum Pipelines Company (SUMED) have signed a crude oil storage contract.
The contract was signed by KPC Managing Director for International Marketing Nasser Al-Mudhaf and SUMED Board Chairman and Managing Director Khalid Saleh, Al-Mudhaf said in a statement here on Sunday.
The contract mainly aims to facilitate oil export operations via the Mediterranean Sea, he said.
It is also meant to find new markets in Mediterranean and European countries, he said, adding that the storage capacity of the SUMED's pipelines hits roughly two million barrels of crude per day.