Japanese Economy, Trade and Industry Minister Yukio Edano expressed gratitude to Kuwait for maintaining stable supply of crude for decades to his country which relies on imports for virtually all of its domestic crude consumption.
The Japanese minister welcomed His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah’s upcoming visit to Tokyo and thanked Kuwait for hosting the Ministerial Meeting of the International Energy Forum slated to March 12-14.
“Under uncertainty surrounding the future of global energy situation, it is meaningful that oil producing and consuming countries will have a dialogue toward stability in world oil markets. I appreciate Kuwait for providing such an invaluable opportunity for us,” said the minister.
Despite gradual fall in its crude oil demand in recent years, Japan remains one of top buyers of Kuwaiti oil, with Japan-bound shipments accounting for roughly 20 percent of Kuwait’s total crude exports of 1.3-1.5 million barrels per day (bpd).
Last year, Kuwait’s exports to the world’s third-largest energy user totaled 87.05 million barrels, or 240,000 bpd. In addition to crude oil, Kuwait also enjoys steady shipments of liquefied petroleum gas (LPG) and naphtha to Japan. The first shipment of oil from state-run Kuwait Petroleum Corporation (KPC) to Japanese refiner Idemitsu Kosan Co. dates back to in 1958, even before the two countries forged diplomatic ties in 1961, while KPC established Tokyo office in 1968 as its first regional marketing office.
One of KPC’s noteworthy achievements last year was a landmark deal with Japan’s Fuji Oil Co. in October. KPC Chief Executive Officer Farouk Al-Zanki signed the long-term crude supply contract, which he said “expected to bring in billions of dollars of revenues to the Kuwaiti treasury over the coming years.” News reported by KUNA News Agency
