Gulf Oil and Gas accountACCOUNT

Kuwait Petroleum Corp to Sell 2017 Gasoil, Jet Fuel at Lower Prices

Source: Reuters 11/3/2016, Location: Middle East

Share |
Kuwait Petroleum Corp (KPC) has agreed to sell gasoil and jet fuel under long-term contracts for 2017 at nearly half the premiums of what it sold in 2016, traders said.

KPC has agreed to finalise its 2017 term contract to sell 500ppm sulphur gasoil at a premium of 60 cents a barrel to Middle East quotes, down from $1.15 for 2016, they said. Buyers include Royal Dutch Shell , BP and Total , traders said.

For jet fuel, KPC has agreed to a premium of 90 to 95 cents a barrel to Middle East quotes, down from 2016's $1.60. Buyers include Shell, BP, Total and Emirates National Oil Company (ENOC), they added.

Buyer details could not immediately be confirmed with the relevant companies. KPC could not immediately be reached for comment. Both oil products contracts are to be finalised on a free-on-board (FOB) basis, traders said.

Volumes and term buyers are consistent with current contracts, one of the sources said. "Most term buyers were losing money as spot levels have been much lower this year, so I think they are reluctant to pay higher (for 2017)," a Singapore-based industry source said.

The lower premiums for gasoil could also partly have been driven by a drop in purchases by its long-standing term customer in Indonesia, traders said.

Over the first half of this year, Indonesia's state-owned Pertamina only imported 600,000 barrels of gasoil, in line with a drop in domestic demand after a biodiesel mandate, traders have said.

Financials and Investment News in Kuwait >>

Argentina >>  2/22/2018 - President Energy, the upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily in Argentina, is pl...
Russia >>  2/21/2018 - Austrian oil and gas company OMV aims to grow its business with acquisitions in 2018 and increase its earnings by further cutting costs, its chief exe...

United Kingdom >>  2/21/2018 - Independent Oil and Gas plc, the development and production focused Oil and Gas Company, is pleased to provide the following financial, operational an...
Congo >>  2/20/2018 - Congo Republic is set to become the latest African country to start debt relief talks with trading houses after borrowing $2 billion from merchants su...

Nigeria >>  2/20/2018 - MXO plc, the oil and gas investing company listed on AIM, is pleased to announce that it has raised 500,000 before expenses via a placing (the "Placi...
Russia >>  2/20/2018 - During his working visit to Perm Region, President of LUKOIL Vagit Alekperov, jointly with Governor Maxim Reshetnikov, held meetings with employees of...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Kuwait Oil & Gas 1 >>  2 | 3 | 4 | 5 |

More News

 

Oil & Gas Companies in Kuwait >>


Related Links

Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Privacy Policy.