Qatar’s Tasweeq issues a September Al Shaheen crude tender

11 July 2014 13:54 Source:ICIS News

SINGAPORE (ICIS)--Qatar International Petroleum Marketing (Tasweeq), the state-owned oil marketer, has issued a tender offering eight 600,000 bbl cargoes of Al Shaheen crude oil for September loading, industry sources said on Friday.

The tender will close on 14 July and bids will have validity until 16 July.

Previously, Tasweeq awarded a tender which offered five 600,000 bbl cargoes of August Al Shaheen at an average price around Dubai quotes plus $0.78/bbl (free on board) Al Shaheen. Buyers included ExxonMobil, Chevron and TonenGeneral.

There were expectations that September Al Shaheen values could come under downward pressure amid weak refining margins, particularly for fuel oil. 

The Al Shaheen oilfield is off the northeast coast of Qatar in the Persian Gulf. The field is operated by Maersk Oil under a production-sharing agreement with state-owned oil company Qatar Petroleum (QP).

Al Shaheen is a medium-heavy high sulphur crude oil, with an API (American Petroleum Institute) gravity of 28.0 degrees and a sulphur content of 2.37% by weight.

According to Tasweeq, current production of Al Shaheen crude oil is around 310,000 bbl/day.

Al Shaheen crude output from the six production installations in the oilfield is lifted to customers via two floating storage offloading (FSO) vessels.

 

By James Dennis