Kuwait pushes CFR oil sales to Formosa

摘要

Tokyo—State-owned Kuwait Petroleum Corp. is pushing to sell more crude oil on a CFR/ CIF basis to Taiwan’s Formosa Petrochemical as it tries to retain market share, but it could have trouble making headway given the Taiwanese refiner’s preference to use its own fleet of VLCCs. Kuwait and Saudi Arabia are among the few producers in the Middle East that are believed to have started offering crude oil on a CFR basis to Asian refiners, joining Iran in the practice, in an effort to defend market share, Platts reported on June 4.