KUWAIT CITY: Kuwait Petroleum Corp. (KPC) has decided to renew its crude oil contracts with the US company Valero Energy for 2015 for an overall price of $2.5 billion, an increase of 17 percent from similar contracts last year, announced KPC’s Managing Director for International Marketing Nasser Bader Al-Mudhaf here the other day.
These contracts fall within KPC’s endeavors to ensnare as many crude oil contracts as possible in order to maintain if not increase its market share in a highly competitive environment where oil producers are eager to find willing buyers, said Al-Mudhaf in a press release by the KPC.
The renewal of the contracts in question for another year emerged on the sideline of a meeting last week between KPC officials and a Valero Energy delegation, headed by its CEO Joseph William Gorder.
Al-Mudhaf said the renewal of the contracts come at a time when there is a world glut in energy and a slackening in demand for crude oil products.
Valero Energy officials expressed their satisfaction with the renewal of the contracts which they saw as a further affirmation of their close business ties with KPC.
