Markets

Kazakh state oil firm completes $3bn Vitol advance deal

Published April 6, 2016 Updated April 6, 2016 01:29pm

1 min

By Shoaib Ur Rehman

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ASTANA: Kazakh state-owned oil company KazMunayGaz has completed the deal that will allow it to receive up to $3 billion from trader Vitol in the form of advance payments for crude from the Tengiz oilfield, a KazMunayGaz executive said on Wednesday.

Under the deal, initially announced last December, KazMunayGaz will supply about 20 million tonnes of oil within four years, deputy chief executive Daniyar Berlibayev told reporters, adding that shipments will begin in April or May.

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