The Kuwait Oil Company, a 100 percent property of the Kuwaiti Government, opened its office in Beijing Tuesday.

Speaking at the opening ceremony, Jamal A. Alnouri, managing director for international marketing of the company, said that Kuwait wants a long-term, mutually beneficial cooperation with China in the energy sector.

He said that China, a large oil importer, needs a guaranteed, stable supply of oil to support its economic growth, while Kuwait, which boasts one of the largest oil reserves in the world, always needs a long-term market for its oil products. It is compatible to the common interests of the two countries to develop their cooperation in the energy sector, he said.

Kuwait, an OPEC member, has the world's fourth largest oil reserve of about 96.8 billion barrels. Currently, Kuwait produces almost 2.4 million barrels daily, with 40 percent of its oil products exporting to Asian countries. China imports 20,000 barrels a day, at an average.

Source: Xinhua