PetroChina signed crude supply agreements for 2019 with Saudi Aramco and Kuwait Petroleum Corporation (KPC) at the China International Import Expo in Shanghai, Reuters reported.
The supply volumes weren’t publicized but Saudi Aramco is expected to supply the same as last year’s volume. Kuwait’s supply is expected to be similar to this year’s level of 66,000 barrels per day, two sources with knowledge of the contracts’ terms said. A third source said they expected KPC supply to increase slightly.
The two companies can adjust the supply volumes during the contract’s terms according to the supply and demand.