Japanese Firms Sign
Kuwaiti Oil ContractsThree Japanese trading houses signed contracts with the state-owned Kuwait Petroleum Corp. to import 70,000 barrels a day of crude oil at Kuwait's new fixed price of $16.67 a barrel, sources in Bahrein told the Kyoto Wire Service.
Mitusi and Co. will import 30,000 barrels daily, while Mitsubishi Corp. and C. Itoh and Co. 20,000 barrels a day each, under the new contracts, which became effective Monday and will be reviewed every three months, the sources said.
The three companies had netback price contracts with Kuwait that deducted refining costs from oil product prices and fluctuated with oil product price movement.
Norway's Statoil Plans
New York Trade Office
OSLO, Norway - Statoil, the Norwegian state-owned oil company, announced
plans to establish a trade office in New York, which is scheduled to open April 1.
The next step in Statoil's long-term strategic planning will be a similar office in the Far East. The location has not yet been selected, and the company is not committed to a specific date.
MILWAUKEE, Wis. - Amoco Oil Co. introduced a new mid-grade lead-free gasoline in eastern Wisconsin.
Amoco Silver, an 89-octane lead-free product, replaced Amoco's regular leaded gasoline at more than 150 Amoco service stations throughout the eastern half of the state.
Amoco officials said that Silver would be available throughout all of Wisconsin within the next 10 months.