UNIPET, Paria Fuel sign one-year supply agreement
The Paria Fuel Trading Company Ltd announced Friday that a one-year supply agreement has been reached with UNIPET.
In a statement issued January 3, 2020, the company said that the agreement was reached following months of negotiations, after the Paria cut supplies to UNIPET over outstanding debts.
Paria said the agreement commenced from January 1, 2020.
"In December 2019, PARIA ceased supply of petroleum products to UNIPET for reasons which included failure of UNIPET to pay for products delivered in September and October 2019 and execute a supply agreement."
"Both companies have since resolved their dispute and a Settlement Agreement was executed on December 09, 2019," the company said.
Paria said to date, UNIPET met its outstanding financial obligations in accordance with the Settlement Agreement and the new Supply Agreement allows for the delivery of products in 2020.
"Both companies are committed to working together in the best interest of all by ensuring that there is a constant supply of fuel to the local market," the statement ended.