Kuwait’s KPC to introduce new pricing mechanism for its crude oil

KPC’s marker was the average of Platts Dubai and Platts Oman assessments. (Shutterstock)
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Updated 24 December 2019

Kuwait’s KPC to introduce new pricing mechanism for its crude oil

  • The change for the pricing mechanism of its Kuwait crude oil bound for the east of Suez will take effect from Feb. 1

DUBAI: Kuwait Petroleum Corporation (KPC) said on Tuesday it was modifying its Asia crude oil pricing marker.

The change for the pricing mechanism of its Kuwait crude oil bound for the east of Suez will take effect from Feb. 1, the company said in a statement.

KPC’s marker was the average of Platts Dubai and Platts Oman assessments. The new marker will replace Platts Oman with Dubai Mercantile Exchange (DME) Oman while maintaining the Platts Dubai component.


Erdogan says Somalia has invited Turkey to explore for oil in its seas

Updated 20 January 2020

Erdogan says Somalia has invited Turkey to explore for oil in its seas

  • Ankara and Libya’s internationally recognized government signed a maritime delimitation agreement in 2019

ANKARA: Turkish President Recep Tayyip Erdogan said on Monday that Somalia had invited Turkey to explore for oil in its seas, after Ankara and Libya’s internationally recognized government signed a maritime delimitation agreement last year, according to broadcaster NTV.

“There is an offer from Somalia. They are saying: ‘There is oil in our seas. You are carrying out these operations with Libya, but you can also do them here.’ This is very important for us,” Erdogan was cited as saying by NTV. “Therefore, there will be steps that we will take in our operations there.”