Petrolimex signs long-term cooperation contract with KPC

On January 18, 2010 in Hanoi, at the headquarter of the Vietnam National Petroleum Corporation (Petrolimex), Petrolimex officially signed a long-term diesel supply contract with the Kuwait Petroleum Corporation (KPC).

Under the contract, in 2010, KPC will provide Petrolimex with 4-5 aframax ships of DO 0.25 percent and 0.05 percent under FOB Kuwait delivery condition.

General Director of Petrolimex Bui Ngoc Bao witnesses the contract signing ceremony between Petrolimex (Deputy General Director Nguyen Quang Kien – right) and KPC (Deputy Managing Director Yousuf KH. Y. AlQabandi – left).

Attending the signing ceremony, on the KPC side were Managing Director of International Marketing Abdullatif A.Al-Houti, Deputy Managing Director Yousuf KH. Y . AlQabandi, Chief of Sales Department Emad A.Al-Kandari and KPC’s senior representative in Singapore Abdulaziz Sadeq.

On the side of Petrolimex were General Director Bui Ngoc Bao, Duputy General Director Nguyen Quang Kien, Chief of Export-Import Department Pham Duc Thang, Chief of Market Department Pham Vu Hiep, Deputy Chief of Export-Import Department Tran Tien and other officials.

Petrolimex and KPC have established a trade relationship since the mid 1990s. For many years, KPC has supplied diesel for Petrolimex under the CIF Singapore condition by aframax ships. Since 2002, the oil delivery site has been moved to Van Phong Bay in Khanh Hoa province, Vietnam. KPC has become one of the largest and traditional diesel suppliers to Petrolimex.

Besides, Petrolimex has also signed purchase contract with similar amounts with SK Energy (the Republic of Korea).

In 2010, Petrolimex will use its own ships to transport the fuel to Vietnam./.

Nguyen Bang