Glencore Xstrata Plc and Vitol SA are competing to buy $1 billion of crude from Kazakhstan’s largest oil field, said two people with knowledge of the matter.
The world’s largest oil traders are negotiating to purchase state-run KazMunaiGaz National Co.’s share of production from Kashagan, which started pumping oil last month, said the people, who asked not to be identified because the deal is private. The companies may raise pre-payment loans of as much as $1 billion to buy the oil, delivered over five years, they said.
