Kuwait exports first light crude shipment
OIL AND GAS NEWS
Kuwait Petroleum Corporation (KPC) has exported its first high-quality light crude oil shipment, it has been announced.
"This achievement is considered the fruit of a continuous cooperation between Kuwait oil companies and the world's marketing sector, and this is a historical step in the oil industry of Kuwait," said Kuwait's Oil Minister Bakheet Al-Rashidi, in a statement to Kuwait News Agency (Kuna).
"It is an important step in strengthening Kuwait's status among oil exporting countries in the world and to reinforce local economy, especially that this light crude oil is in high demand worldwide," Al-Rashidi noted.
Light crude oil has a low density and flows freely at room temperature. It generally has a low wax content, and receives a higher price than heavy crude oil on commodity markets because it produces a higher percentage of gasoline and diesel fuel when converted into products by refineries.
