ONGC sells Nov Nile Blend crude at improved discount

SINGAPORE, Oct 13 (Reuters) India's Oil and Natural Gas Corp. (ONGC) has awarded a monthly tender to sell 600,000 barrels of Nile Blend crude for loading on Nov. 20-22 at around a .00-to-5.50-a-barrel discount to Minas Indonesia Crude Price (ICP), a source close to the discussions said on Friday.

The cargo was awarded to Japanese trader Mitsui, traders added.

The price fetched is stronger than a month ago when ONGC awarded its regular monthly tender for a November cargo at a record-low -to .20 discount.

Falling Minas crude prices and a recovery in fuel oil values have helped Nile Blend strengthen slightly, but the upside was limited by production cuts in Asian refineries as well as healthy stockpiles of crude oil and products ahead of winter demand in Japan.

ONGC holds a 25 percent stake in the Greater Nile Project, which produces some 300,000 barrels per day.

REUTERS DKS HS1911