28 June 2013 14:00 [Source: ICIS news]
SINGAPORE (ICIS)--Indian producer ONGC Videsh Ltd (OVL) awarded a tender offering Sokol crude for end-August loading from its equity holding in eastern Russia, industry sources said on Friday.
OVL awarded the tender, which offered 700,000 bbl of Sokol crude for loading 25-28 August, to Vitol at a firmer level around Oman/Dubai quotes plus $6.50/bbl CFR (cost and freight).
The cargo will load from the DeKastri terminal on the eastern Russian island of Sakhalin. Premiums for Sokol improved amid a recovery in middle distillate cracks.
OVL last awarded a tender offering a 700,000 bbl Sokol crude for 11-14 August loading to a European major at a softer level around Oman/Dubai quotes plus $6.00/bbl CFR.
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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