Saudi Aramco signs an agreement to purchase Kuwaiti crude in anticipation of attacks
09:34 - 19/02/2020
According to press sources, Saudi Aramco for Petroleum Products Trade (Aramco for Trade) signed its first agreement with the Kuwait National Petroleum Company to purchase Kuwaiti crude oil in 2020 for its refineries.
The sources said that the commercial arm of Saudi Aramco, the world's largest oil export company, will start transporting Kuwaiti oil intended for export this year, a type that can be processed at Aramco's refineries in Asia. It was not immediately known how much oil would be transported under the contract.
One of the sources said that Aramco will determine the rate to be transferred every month.
Saudi Aramco suffered, after its refineries in Abqaiq and Khurais were subjected to a Yemeni bombing, from its reduced production in half, which was reflected in its obligations to buyers in global markets, and sought refuge in neighboring countries to supply them with oil shipments to meet their international obligations and not to lose the main buyers. Ended / 25