Exclusive: Aramco offers struggling refiners sweeter terms for crude - Reuters:
Saudi Aramco has offered oil refineries in Asia and Europe the option to defer payments for crude cargo deliveries by up to 90 days as plants struggle with shrinking demand, refining industry sources said.
The credit terms, which Saudi Arabia’s national oil company has offered through unnamed Saudi banks, are also seen as part of the country’s efforts to increase its market share, the sources told Reuters.
Aramco “are asking us to amend our existing agreement to include a bill of exchange which will give you basically an opportunity to pay through a bank in 90 days time,” one source at an Asian refiner said.
Under the terms, Aramco will receive the payment for the cargoes from the same bank within 21 days of shipment, he said.
No comments:
Post a Comment