Russian oil producer Surgutneftegaz awards early Jan ESPO tender

25 November 2013 13:52  [Source: ICIS news]

SINGAPORE (ICIS)--Russian oil producer Surgutneftegaz has awarded a tender offering a 730,000 bbl cargo for 4-11 January 2014 loading ESPO Blend crude, sources said on Monday. The tender closed on 25 November, and the buyer could not be confirmed before publication.

Previously, Surgutneftegaz awarded a tender offering a 730,000 bbl cargo of 31 December – 6 January loading ESPO Blend at a premium of Dubai quotes plus $6.00/bbl free on board (FOB) Kozmino (€4.44/bbl FOB Kozmino).

However, last week Russian base oil producer Rosneft placed two ESPO Blend cargoes at even stronger levels around Dubai quotes plus $6.50-7.50/bbl FOB Kozmino. One ESPO Blend cargo for 30 December-2 January loading cargo went to trading firm PetroDiamond at the top of the price range, whereas South Korean firm SK Energy took the other cargo for 2-6 January loading at the lower end of the range, sources said.

Previously, Rosneft awarded a tender offering seven ESPO Blend cargoes for loading from end-October until early December in a broad range between Dubai quotes plus $3.15-$5.60/bbl FOB Kozmino.

ESPO Blend is a medium crude with an API of 34.5 and a sulphur content of 0.60% originating from Russia’s Siberian oilfields and delivered by pipeline to the Russian Pacific coast port of Kozmino.

($1 = €0.74)

By: James Dennis
+65 6780 4327

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