PetroChina agrees 2019 annual crude supply deals with Saudi Aramco and Kuwait
Petroleumworld 11 08 2018
Chinese oil major PetroChina inked 2019 annual crude supply deals with state-owned producers Saudi Aramco and Kuwait Petroleum Corp on Wednesday at a public signing ceremony during the China International Import Expo in Shanghai.
Volumes covered by the supply contracts weren't made public, but a person with knowledge of the terms said Aramco would supply the same volume as in 2018. Kuwait volumes were expected to be steady with this year's level, two sources said, while a third expected a slight increase.
Kuwait supplied PetroChina around 66,000 barrels per day on average this year, according to a person with knowledge of the situation.
Companies can top up or trim volumes during the term of a contract if supply and demand changes.
The people with knowledge of the deals declined to be identified because they were not authorised to talk to media.
During the trade fair in Shanghai, Zhenhua Oil, a subsidiary of China's defence conglomerate Norinco, is also expected to renew an annual crude oil supply agreement for 2019 with Saudi Aramco, a source told Reuters last week.
Reporting by Aizhu Chen; Writing by Dominique Patton; Editing by Christian Schmollinger and Kenneth Maxwell from Reuters.
reuters.com 11 07 2018
Copyright© 1999-2018 Petroleumworld or respective author or news agency. All rights reserved.
We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions Petroleumworld.com as the source.
Other stories you have to get authorization by its authors. Internet web links to http://www.petroleumworld.com are appreciated.
Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!
We invite all our readers to share with us
their views and comments about this article.
Write to email@example.com
By using this link, you agree to allow PW
to publish your comments on our letters page.
Any question or suggestions,
please write to: firstname.lastname@example.org
Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels