VOL. XLII

No. 27

5-July-1999

SAUDI ARABIA

Petron Lowers Crude Imports From Saudi Aramco

The Philippine refinery Petron announced on 1 July that ithad amended its crude oil supply contract with Saudi Aramco to allow it toreduce the volume of crude oil it imports from Saudi Arabia. The new contractallows Petron to obtain 63-90% of its crude oil requirements from Saudi Aramcofor the three years until May 2002, whereas under the terms of the old contractPetron was obliged to purchase 90% of its...