KUWAIT: Kuwait Petroleum Corporation (KPC) stressed the importance of upcoming Kuwait oil and Gas Conference due to kick off tomorrow, amid global geopolitical, financial, and environment changes that directly affect markets. The conference will also highlight in its opening session the importance of opening new horizons and new marketing techniques. Participating in it will be a number of OPEC and local and global oil CEOs, KPC Board Member and Director of Information Technology and Public Relations Ali Ahmad Al-Obaid said in a statement.

The statement noted that global oil companies are keen to engage in this conference, stressing the key role played by Kuwait in global oil markets. The conference, which will cover vital issues on oil and gas sectors next Sunday October 11-14, will be under the auspices of His highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah.

More than 30 countries and representatives from governments and international organizations will be participating in Kuwait oil and Gas Conference, Kuwait Foreign Petroleum Exploration Company's (KUFPEC) Vice President for Operations Hosnia Hashim said. In a statement, Hashim said the conference, which will cover vital issues on oil and gas sectors and will be under the auspices of His highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah.

KP Europoort refinery

Meanwhile, Kuwait Petroleum International (KPI) and Gunvor Group announced that they have reached the final stage of negotiations on the sale of the KP Europoort refinery in Rotterdam, The Netherlands. In a statement to KUNA, KPI said that the deal is still subject to regulatory approval and an employee consultation process, noting that the sale will allow the refinery to continue in accordance with Gunvor's integration and optimization strategies.

The sale would be a result of an intense and careful search for a suitable buyer by KPI, after a reevaluation of its strategy for the KP Europoort refinery, the statement added. Among the most important criteria were continuing with the refinery operations and finding a financially solid, experienced, reliable buyer, it made clear.

Gunvor is one of the world's leading independent commodities trading companies. It has a proven track record of successfully taking over and operating refineries. It wholly owns two refineries; one in Antwerp, Belgium; and another in Ingolstadt, Germany, both acquired in 2012. The intended purchase of the KP Europoort refinery would enhance Gunvor's existing refining operations, while also complementing its global trading activities. - Agencies