(MENAFN) Kuwait's Independent Petroleum Group (IPG) announced the purchase of 60,000 tons of aviation fuel from Kuwait Petroleum Corp (KPC) in a move that many analysts see as 'uncommon', Reuters reported.
The fuel is dedicated as a jet fuel cargo for loading over July 17 to 20. The payment for insurance comes between USD1.70 and USD1.75 per barrel, according to different traders with considerable knowledge of the matter.
This is the first time in several years that IPG has bought jet fuel from KPC, they added. IPG usually trades in gasoil and only occasionally trades in jet fuel which is then used to co-load with gasoil cargoes, one of them said.
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