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Kuwait seals gas oil deal with Pakistan

Industry

Kuwait Petroleum Company (KPC) and Pakistan State Oil Company (PSO) have finalised a gas oil supply deal for 2015

According to the deal, PSO would buy 2.5mn tonnes of high sulphur gas oil from KPC every year.

Gas oil is a type of fuel oil, which is distilled from petroleum. It is used by some households and businesses, and for non-road vehicles.

“PSO had sealed its gas oil term contract with KPC at a premium of between US$1.80mn to US$1.90mn a barrel above Middle East price quotes, on a delivered basis,” said a PSO spokesperson.

Recently, Pakistan’s gas oil demand has weakened compared to the past few years due to a slower economy, added the spokesperson.

KPC noted that it supplies 90 per cent of Pakistan’s demand for fuel it uses for electricity generation and transportation.

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