ONGC sells second March Sokol lot

SINGAPORE, Jan 25 (Reuters) Oil and Natural Gas Corp (ONGC) has awarded a tender to sell March-loading Sokol crude at less than a .00-a-barrel premium to Oman/Dubai quotes on a delivered basis, steady to its previous tender, a source close to the discussions said on Thursday.

Japanese trader Mitsubishi won the tender, for a cargo loading on March 18-21.

The price is steady to the last tender, awarded earlier this week to U.S. major ExxonMobil, when ONGC sold a similar cargo for loading in early March.

The premium has weakened from that fetched for February-loading crude, as high kerosene stocks in Japan have limited demand so far this month and put pressure on differentials for middle distillates-rich grades.

ONGC issued on Thursday a new tender to sell Sokol crude for early April loading from Russia's Sakhalin-1 oilfield, a tender document showed [ID:nT125217].

Output has been ramping up at the Sakhalin-1 field. ExxonMobil's Senior Vice President Stuart McGill told Reuters earlier this month the field would reach its full 250,000 barrels per day (bpd) capacity within a month.

State-run ONGC has a 20 percent stake in the project.

REUTERS DKS PM1619