SINGAPORE, Sept 27 (Reuters) - Bach Ho rose in the
Asia-Pacific crude market on Thursday, reflecting strong demand
for the grade which has become heavier.
* TENDERS
- PV Oil sold a cargo each to Chevron and Shell at about $6
a barrel above dated Brent, trade sources said, up from premiums
of $2.50-$3 a barrel for September cargoes. Each cargo ranges
from 200,000 to 600,000 barrels.
The crude's API gravity could vary from 35.4 to 36.5
degrees, down from the usual 40 degrees, PV Oil had said in the
tender issue.
The Vietnamese flagship grade has been absent in the spot
market for the past two years as its output was diverted to a
local refinery. Exports occurred only when the refinery was
shut.
The grade could be exported on a regular basis again, as its
production has increased, one of the sources said. The refinery
could also use cheaper imported grades such as Champion, Miri
and Kikeh, he added.
- Indian state-run refiner Hindustan Petroleum Corp Ltd
has bought 2 million barrels of Nigerian Qua Iboe via
a tender for lifting in November, its first purchase of oil in a
very large crude carrier (VLCC), a source privy to the deal
said.
HPCL has so far been buying crude in Suezmax vessels.
The refiner has bought the crude from trader Glencore at a
premium of $2.60 to $2.80 a barrel over the dated Brent price
for processing at its 166,000 barrels per day (bpd) Vizag
refinery in southern India, the source said.
* SUDANESE OIL
- The leaders of Sudan and South Sudan reached a border
security deal on Wednesday that will restart badly needed oil
exports, but failed to solve the other main conflicts left over
when Africa's largest country split last year.
"While distrust between the two nations is certainly still
high, this new agreement may certainly incentivize South Sudan
to restart oil production and exports via its northern
neighbour," analysts from JBC Energy said in a note.
"However, the timeline for a full resumption of the 350,000
barrels per day (bpd) production is quite long and might last
anywhere from six to 12 months, with the latter looking like the
more probable estimate."
* MARKET NEWS
- Vietnam's crude oil exports in the January-September
period rose an estimated 14.3 percent from the same period last
year to 7.16 million tonnes, or 191,600 barrels per day (bpd),
the government said.
- China's Sinopec Group, the parent of Sinopec Corp, has
ordered the closure of three plants, including two refineries in
the southern province of Guangdong, for environmental checks,
the company said.
The two refineries are Sinopec Guangzhou Petrochemical Corp
and Sinopec Dongxing refinery, with a combined crude processing
capacity of 370,000 barrels per day (bpd).
CRUDE Price Prev Change
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