India IOC buys 4 mln July sweet cargo

Singapore, May 11: Indian Oil Corp has bought two million barrels of Azeri Light crude together with two million barrels of West African crude in its latest tender for July, trading sources said today.

This is the second tender in a row that India's top state refiner has bought Azerbaijan's Azeri Light crude.

IOC bought 2 million barrels of Azeri Light from BP and a Very Large Crude Carrier (VLCC) of West African crude from Angolan state oil firm Sonangol.

The VLCC comprises a cargo of Angolan Girassol crude and Nigerian Ehra crude, two trade sources said.

Price details had yet to emerge.

IOC bought a hefty 3 million barrels of Azeri Light crude in its previous tender.

Azeri Light is becoming increasingly popular with Asian refiners, as the opening of the Baku-Ceyhan pipeline last year allowed for additional exports, and as the Brent/Dubai spread has significantly narrowed over the past few months, lowering the relative cost of Brent-related grades.

The pipeline reached its full 1 million barrels per day capacity last month.

India's Bharat Petroleum Corp. (BPCL), which also closed a tender to buy sweet crude this week, was widely said to have bought Azeri Light crude, though details had yet to emerge.

Indonesia's state oil firm Pertamina bought 1 million barrels of Azeri Light for July arrival this week, also for the second tender in a row.

Azerbaijan's crude oil production rose by 47.3 percent year-on-year in January-April 2007 to 840,000 barrels per day (bpd).

Its crude exports rose to 584,000 bpd against 350,000 bpd during the January-April 2006 period.

The June Brent/Dubai Exchange of Futures for Swaps (EFS) stood at around Singapore, May 11: Indian Oil Corp has bought two million barrels of Azeri Light crude together with two million barrels of West African crude in its latest tender for July, trading sources said today.

This is the second tender in a row that India's top state refiner has bought Azerbaijan's Azeri Light crude.

IOC bought 2 million barrels of Azeri Light from BP and a Very Large Crude Carrier (VLCC) of West African crude from Angolan state oil firm Sonangol.

The VLCC comprises a cargo of Angolan Girassol crude and Nigerian Ehra crude, two trade sources said.

Price details had yet to emerge.

IOC bought a hefty 3 million barrels of Azeri Light crude in its previous tender.

Azeri Light is becoming increasingly popular with Asian refiners, as the opening of the Baku-Ceyhan pipeline last year allowed for additional exports, and as the Brent/Dubai spread has significantly narrowed over the past few months, lowering the relative cost of Brent-related grades.

The pipeline reached its full 1 million barrels per day capacity last month.

India's Bharat Petroleum Corp. (BPCL), which also closed a tender to buy sweet crude this week, was widely said to have bought Azeri Light crude, though details had yet to emerge.

Indonesia's state oil firm Pertamina bought 1 million barrels of Azeri Light for July arrival this week, also for the second tender in a row.

Azerbaijan's crude oil production rose by 47.3 percent year-on-year in January-April 2007 to 840,000 barrels per day (bpd).

Its crude exports rose to 584,000 bpd against 350,000 bpd during the January-April 2006 period.

The June Brent/Dubai Exchange of Futures for Swaps (EFS) stood at around $2.40 a barrel on Friday morning, after having fallen below $2.00 earlier this week for the first time in two months and a half.

IOC, which has about 10 refineries spread across India with a total capacity of 1.204 million bpd, tenders several times a month to buy crude, mainly light sweet West African grades.

Reuters .40 a barrel on Friday morning, after having fallen below Singapore, May 11: Indian Oil Corp has bought two million barrels of Azeri Light crude together with two million barrels of West African crude in its latest tender for July, trading sources said today.

This is the second tender in a row that India's top state refiner has bought Azerbaijan's Azeri Light crude.

IOC bought 2 million barrels of Azeri Light from BP and a Very Large Crude Carrier (VLCC) of West African crude from Angolan state oil firm Sonangol.

The VLCC comprises a cargo of Angolan Girassol crude and Nigerian Ehra crude, two trade sources said.

Price details had yet to emerge.

IOC bought a hefty 3 million barrels of Azeri Light crude in its previous tender.

Azeri Light is becoming increasingly popular with Asian refiners, as the opening of the Baku-Ceyhan pipeline last year allowed for additional exports, and as the Brent/Dubai spread has significantly narrowed over the past few months, lowering the relative cost of Brent-related grades.

The pipeline reached its full 1 million barrels per day capacity last month.

India's Bharat Petroleum Corp. (BPCL), which also closed a tender to buy sweet crude this week, was widely said to have bought Azeri Light crude, though details had yet to emerge.

Indonesia's state oil firm Pertamina bought 1 million barrels of Azeri Light for July arrival this week, also for the second tender in a row.

Azerbaijan's crude oil production rose by 47.3 percent year-on-year in January-April 2007 to 840,000 barrels per day (bpd).

Its crude exports rose to 584,000 bpd against 350,000 bpd during the January-April 2006 period.

The June Brent/Dubai Exchange of Futures for Swaps (EFS) stood at around $2.40 a barrel on Friday morning, after having fallen below $2.00 earlier this week for the first time in two months and a half.

IOC, which has about 10 refineries spread across India with a total capacity of 1.204 million bpd, tenders several times a month to buy crude, mainly light sweet West African grades.

Reuters .00 earlier this week for the first time in two months and a half.

IOC, which has about 10 refineries spread across India with a total capacity of 1.204 million bpd, tenders several times a month to buy crude, mainly light sweet West African grades.

Reuters >