RTRS:Asia-Pacific Crude-Vietnam TGT up on margins, Shell demand
SINGAPORE, Sept 24 (Reuters) - Vietnamese crude price
differentials rose in Asia on Monday as firm refining margins
and robust demand from Shell supported spot premiums for
November cargoes.
Shell has bought at least five cargoes of Malaysian and
Vietnamese crude for November loading as it restarted last week
a crude distillation unit (CDU) and a 35,000 bpd hydrocracker at
its Singapore refinery after scheduled maintenance that began in
mid-July.
Yet, the oil major could re-sell some of its term cargoes
such as Seria Light as the closure of its 79,000 barrels per day
(bpd) Clyde refinery this month is expected to curb its demand,
a trader said.
* SELL TENDERS
- Vietnam's PV Oil sold two 300,000-barrel cargoes of Te
Giac Trang (TGT) crude to an oil major, likely Shell, at between
$5.50 and $6 a barrel above dated Brent, up from a premium of
$5.20 a barrel in the previous month. The cargoes will load on
Nov. 6-10 and 11-15.
- India's ONGC offered 700,000 barrels of Russian Sokol
crude for loading on Dec. 1-4 in a tender to close on Sept. 26
with bids valid until a day later.
- Petronas offered two 250,000-barrel cargoes of Muda
condensate for loading on Nov. 1-7 and 23-29. It also offered
300,000 barrels of Cakerawala condensate for Nov. 19-28 loading.
The tenders will close on Sept. 26 with bids valid until a day
later.
* BUY TENDERS
- PV Oil issued a tender to buy crude for delivery on Nov.
20-30. Offers are due on Sept. 26 and will stay valid for 2
days.
The Vietnamese marketer bought earlier this month a cargo of
Champion crude for October-November delivery as it seeks imports
to replace Bach Ho which has become too heavy to be processed at
the Dung Quat refinery.
- Taiwanese refiner CPC Corp bought nearly 3 million barrels
of Angolan crude for November loading in a tender, a steady
volume with the previous month, traders said.
The state-owned company bought 1.9 million barrels of
Cabinda and 950,000 barrels of Palanca crude that will be
delivered in December, they said.
Details of sellers and prices were not immediately
available.
- India's MRPL has bought 600,000 barrels of Libyan Mellitah
condensate from Marubeni via tender, industry sources said.
MRPL bought the November loading crude at a 50 cents a
barrel premium to dated Brent on a free on board basis, the
sources said.
- Vietnam's NamViet Oil Refinery and Petrochemicals JSC is
seeking 150,000 to 200,000 barrels of condensate for loading
from Singapore or Vietnam in November.
* MARKET NEWS
- Leaders of Sudan and South Sudan met on late on Sunday to
try reach a deal to end hostilities and restart oil exports but
there was still no breakthrough on a key security accord after
two weeks of talks in Ethiopia, officials said.
- China's commercial crude inventories at the end of August
eased for the first time in six months, the official Xinhua News
Agency reported on Monday, as refineries raised production while
scaling back on crude oil imports.
CRUDE Price Prev Change
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