21 June 2013 08:20 [Source: ICIS news]
SINGAPORE (ICIS)--Indian producer ONGC Videsh Ltd (OVL) is offering Sokol crude for end-August loading from its equity holding in eastern Russia via a tender, according to a company document issued on Friday.
OVL is offering 700,000 barrels of Sokol crude for loading from the DeKastri terminal on the eastern Russian island of Sakhalin on 25-28 August. The tender will close on 25 June, with validity until 26 June, according to the company’s statement.
OVL last awarded a tender offering a 700,000-barrel Sokol crude for 11-14 August loading to a European major at a softer level around Oman/Dubai quotes plus $6.00/bbl cost and freight (C&F). Premiums for Sokol had softened following a decline in refining margins for middle distillate rich grades.
OVL is the overseas unit of Oil and Natural Gas Corp (ONGC), India’s largest state-owned oil and gas exploration company.
The Sakhalin-1 project consists of three fields – Chayvo, Odoptu and Arkutun-Dagi – that are located offshore on the northeast coast of Sakhalin Island in eastern Russia.
Together, they contain an estimated volume of 2.3bn barrels of oil and 17.1 trillion cubic feet (tcf) of gas. Crude production from the project is marketed under the name Sokol.
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