SINGAPORE, Nov 1 (Reuters) - The Asia-Pacific crude market weakened on Thursday as the premium on Russian ESPO blend crude dropped to a two-year low on higher supplies and weak demand. Asian refiners have mostly completed their purchases for December and are preferring to keep inventories low at the end of the year for accounting reasons, leaving little demand for Russian ESPO. Supplies are also higher as December ESPO crude blend exports from the Pacific port of Kozmino rose to an all-time high of 1.8 million tonnes, up 200,000 tonnes from the previous month, thanks to a pipeline extension, a loading schedule seen by Reuters showed. The spot premium for ESPO last hit a low of about $2 above Dubai quotes for cargoes loading in December 2010, according to Reuters data. Traders said term contracts for Te Giac Trang grade for January to June cargoes may be fixed at around $5 premium to dated Brent. The July to December term contracts were set at $6.6-$6.7 premium to dated Brent. * TENDERS - Surgutneftgaz, Russia's fourth-largest oil producer, sold six cargoes of December ESPO at premiums between $2.20 and just above $2.80 a barrel to Dubai quotes, the lowest in two years, traders said on Thursday. "They came out with the tenders too late as most refiners were covered for December," a trader said. Surgut sold three cargoes in the first tender to Shell and Mercuria at premiums between $2.20 and just above $2.80 a barrel to Dubai quotes, while another three were sold at premiums between $2.20 and $2.50 a barrel, traders said. Buyers in the second tender have yet to emerge. - Petral, the trading unit of Indonesian state-run energy firm Pertamina, bought 600,000 barrels each of Russian ESPO and Vityaz, for January delivery. It bought ESPO at a premium of $2-$3 a barrel to dated Brent and Vityaz at a $3-$4 per barrel premium to dated Brent, both on a cost-and-freight (C&F) basis. These could not be confirmed with the companies. -Petron Corp, the Philippines biggest oil refiner, is seeking between 500,000 and 740,000 barrels of sweet crude arriving in early January. The tender closes on Monday and is valid until Tuesday. TRADES: Su Tu Den: Conoco Philips sold December crude to a Japanese buyer at $4 per barrel premium over dated Brent. Tapis: Petronas sold December crude to Shell at $5 per barrel premium over dated Brent, up from a $3.9-$4 per barrel premium for a November cargo. Van Gogh: Inpex sold a 400,000 barrel December cargo at a premium of more than $5 per barrel over dated Brent to a Japanese buyer. The grade was traded last month at a premium of $5-$5.5 per barrel. Vincent: Woodside sold two December cargoes at a premium of $4.5-$5 per barrel over dated Brent. The buyer's identity was not immediately known. Enfield: Woodside sold a 550,000 barrel December cargo of the grade to Chinaoil at a premium of $8-$9.20 per barrel over dated Brent. Stybarrow: Woodside sold a 550,000 barrel December cargo to Chinaoil at a premium of $8-$8.70 per barrel to dated Brent, little changed from the over $8 per barrel premium that a November cargo fetched last month. OSP: The official selling price of Malaysia's Tapis crude TAP-OSP for October has been calculated at $115.10 a barrel, down 81 cents from the previous month, traders said. The OSP is set each month by adding an alpha factor to the monthly average dated Brent price. The average dated Brent price for October was calculated at $111.60 a barrel, the sources said, while the alpha was set by Petronas at $3.50. Petronas applied new differentials to other Malaysian grades Labuan, Miri Light, Dulang, Bintulu and Kikeh * MARKET NEWS - Japanese refiner Cosmo Oil Co is aiming to restart oil refining operations at its 220,000 barrels per day (bpd) Chiba refinery from January if it receives approval from local authorities, an official said on Thursday. - South Korea's crude oil imports in October fell 2.2 percent from a year earlier to 81 million barrels, preliminary customs data released by the economy ministry showed on Thursday. - Canada is likely to extend its review of the $15.1 billion bid by China's CNOOC Ltd for oil producer Nexen Inc beyond next week's deadline to allow more time for the government to formulate a broad framework on foreign investment, two sources close to the matter said on Wednesday. CRUDE Price Prev Change DEC Brent 108.64 109.57 -0.93 DEC Brent/Dubai EFS DUB-EFS-1M 3.50 3.75 -0.25 PRODUCT CRACKS DEC fuel oil crack -9.41 -9.17 -0.24 DEC gasoil crack 18.98 18.83 +0.15 DEC naphtha crack -5.86 -6.63 +0.76 COMPLEX REFINERY MARGINS Today 5.76 Last 5 days 6.73 Last 365 days 7.31

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