Chevron Signs First Term Contract for Sale of Kuwaiti Oil to the US
The state-owned Kuwait Petroleum Corporation (KPC) and the US firm Chevronlast week signed the first term contract for the delivery of Kuwaiti crude tothe US since the August 1990 Iraqi invasion. The one-year agreement calls forthe delivery, as of August, of one VLCC a month (63,000 b/d). No information onthe price terms has emerged. Chevron purchased one spot cargo of Kuwaiti crudein June.