KUWAIT CITY, May 22: Kuwait on Monday renewed the oil by-product export contract with Pakistan, which shows it as important market for Kuwait oil products. The contract renewal ceremony was attended by high ranking officials of Kuwait Petroleum Company (KPC) and Pakistan Oil Company (POC).

Speaking at the occasion Jamal Al Nouri, Managing Director on International Marketing at Kuwait Petroleum Company said that Pakistan and Kuwait enjoyed historical relations from 1976, which was continued on a stable pace.

He said Pakistan was important market for Kuwait oil products and praised the historic relations between the two countries.

Mohammad Al Shatti, director of by-products department at KPC, said that despite Iraqi invasion in 1990, Pakistan was supplied with 75 per cent of its oil needs.

Kuwait’s two companies, Bakri and Kuwait Petroleum Company (KPC), together provide around 90 per cent of total oil imports to Pakistan.

Pakistan’s total oil imports range around 20 million tons, of which KPC meets 75 per cent of high speed diesel and 25 per cent of furnace oil. The remaining requirement is met through imports from Saudi Arabia.