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Kuwait oil companies sign MoU to prevent smuggling of oil derivatives

Kuwait oil companies sign MoU to prevent smuggling of oil derivatives

KUWAIT CITY : This came after a remarkable increase in the prices of oil derivatives in neighboring countries compared to Kuwait; hence, the smuggling of oil derivatives has become rampant.

Sources clarified the MoU is an implementation of the mechanism for exporting oil derivates agreed previously as follows:1. If KNPC did not produce the shipment for export, the director of Sales Arrangement Department at KPC shall sign the customs declaration and stamp it with ‘no objection; in addition to signing and sealing the report of the inspector regarding the validity of containers and figures in each container.

On the other hand, sources affirmed that the director of Customs General Department issued decision number 49 for the year 2018 regarding ministerial resolution number 529/2014 and terms of exporting products manufactured by using subsidized kerosene.

The director banned the export or re-export of commodities and products manufactured locally like dyes, detergents, organic solvents if the quantity of subsidized kerosene used in the production exceeds 10 percent of the contents — a percentage specified by KNPC.