Kuwait renews $3.7bn worth crude oil contracts with Indian companies

The state-owned Kuwait Petroleum Corporation (KPC) hasrenewed two crude oil supply contracts with India's Bharat Petroleum CorporationLtd (BPCL) and Bharat Oman Refineries Ltd (BORL) with a total value of USD 3.7billion.In a press statement issued Tuesday, KPC described the contract signing as "apositive move" that would help increase bilateral trade exchange and Kuwait'squota of India's oil market.It added that the three sides have also discussed prospects of future cooperation.There are intentions to increase the exported volume by 50,000 barrels per day as of2015, the statement said.It noted that the BPCL and BORL are among the biggest oil refining companies in India, with a total combined refining capacity of up to 670,000 barrels per day.