KUWAIT CITY, July 12 (Xinhuanet) -- Kuwait Petroleum Corporation (KPC) intends to renew its contract with Iraqi authorities, Arab Times reported on Tuesday.

    The contract which includes supplying Iraq with oil products is expected to be renewed by Aug. 1, sources from the oil sector were quoted as saying.

    KPC intends to sign a contract for a longer duration this time, said the sources, adding the previous one was a monthly contract.

    According to the contract, Kuwait commits to supply the Iraqi market with oil products at the current price and based on the market's demand, while Iraqi company Somo is responsible for transporting the oil through contracts with local companies.

    The sources also said Kuwait will receive in return gas from Iraq. Enditem