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SAMAREC FINALIZES LONG-TERM CONTRACTS

 SAMAREC FINALIZES LONG-TERM CONTRACTS
 JEDDAH, Kingdom of Saudi Arabia, Dec. 9 /PRNewswire/ -- Samarec, the


Saudi Arabian Marketing and Refining Company, today announced it has finalized four long-term contracts based on the new Samarec price formula (SP) for liquid petroleum gas (LPG). The contracts will extend from 1991 through 1996.
 Contracts were finalized with:
 1. Yukong Gas Ltd. (Korea) for 6,275,000 mt over five years.
 2. Yosu Energy Corp. (Korea) for 5,900,000 mt over five years.
 3. Iwatani Int'l Corp. (Japan) for 2,750,000 mt over five years.
 4. Mobil Trading & Supply Ltd. (USA) for 2,000,000 mt over five years.
 Similar contracts are expected to be finalized in the near future with a number of major Japanese and other international oil companies.
 Japan is a major market for Samarec LPG. Through June of this year, Samarec provided 59.7 percent of Japan's annual LPG imports.
 The new contracts are the first to be completed under Samarec's plan to finalize long-term LPG contracts by the end of February 1992, using the new pricing formula (SP).
 Samarec, formed in 1989, is responsible for refining and marketing of the Kingdom of Saudi Arabia's petroleum products. The company is headquartered in Jeddah and was the sole supplier of fuels for allied military forces during the Gulf crisis.
 -0- 12/9/91
 /CONTACT: Abdullah A. Al Sheikh of Samarec, in Saudi Arabia, 966-2-660-3232, or fax, 966-2-667-6233/ CO: Samarec ST: IN: OIL SU: CON


CK-GK -- NY027 -- 0508 12/09/91 11:26 EST
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Publication:PR Newswire
Date:Dec 9, 1991
Words:253
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