KPC, Sinopec in oil deal

Kuwait has concluded a deal with China's Sinopec trading arm to export 300,000 barrels per day (bpd) of crude oil over 10 years, the head of international marketing at state-owned Kuwait Petroleum Corporation (KPC) said on Monday.

Nasser al-Mudaf said the exports start from Monday and are estimated to be worth $120 billion.

Mudaf said the contract replaces a previous one for between 160,000 bpd and 170,000 bpd that had expired.

The agreement with China's Sinopec's trading arm, Unipec, was reached "in accordance with international prices and under purely commercial terms," Mudaf said.