30th Mar 2016 11:58
LONDON (Alliance News) - BP PLC Wednesday said it has signed a framework agreement with Kuwait Petroleum Development Corp that will lead to the pair searching for opportunities within the oil, gas, trading and petrochemical sectors.
The two companies will look for possible opportunities where they can both invest and co-operate with one another.
"In addition to enhancing oil and gas recovery from Kuwait's existing resource base, the agreement also includes the intention to study opportunities for joint investment in future oil and gas exploration both inside Kuwait and globally. Other elements of the agreement cover possible future oil and gas trading deals including LNG trading and related ventures," said BP.
"Opportunities for cooperation and investment in midstream and petrochemical projects globally will also be considered under the agreement, including potentially deploying BP's proprietary paraxylene technology as part of Kuwait Petroleum Co's petrochemicals projects," the company added.
The deal was signed by BP Chief Executive Bob Dudley and Nizar Mohammad Al-Adsani, the chief executive of Kuwait Petroleum, which is a state-owned firm.
BP shares were trading up 4.0% to 359.56 pence per share on Wednesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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