Middle East Crude

Malaysia's state-owned Petronas purchased a total of 4.0 mil barrels of Abu Dhabi Upper Zakum and Oman for first-half November arrival in a tender that closed on Aug 20 as reported. It later turned out that the average price for the Upper Zakum and Oman was at a premium of around $2.60 to Dubai quotes. In the tender, China International United Petroleum & Chemicals Co (UNIPEC) and PetroChina both sold 1.0 mil bbl each of Upper Zakum and Oman. These cargoes would be injected to Malaysia's 300,000 barrels per day (b/d) refinery opened by Pengerang Refining and Chemicals (PRefChem).

African/European/Russian/American Crude

In trade for Sudanese grades, Senning awarded an additional September-loading Dar Blend sell tender. International United Petroleum and Chemicals Co (UNIPEC) bought two cargoes via the tender and the awarded prices were said to have been at discounts in the $3's to Dated Brent, according to sources. Through the tender closed on August 21 at 10:00 British time with offers valid until Wednesday at 15:00, the company was trying to sell 312,000barrels and 288,000barrels for September 21-22 loading. In trade for US grades, South Korea's SK Energy this week secured three VLCCs (6.00 mil barrels in total) of US Midlands. These cargoes were procured at FOB based prices and would arrive in Northeast Asia in December.

Asia Pacific Crude

In trade for October-loading Vietnamese grades, state-owned PetroVietnam Oil (PV OIL) awarded a SV-DN sell tender to Hengyi Petrochemical. The awarded price was said to have been at premiums of about $2 to Dated Brent. Hengyi Petrochemical was expected to deliver the cargo of SV-DN to its refinery in Pulau Muara Besar, Brunei. Through the tender closed it on August 19 with validity until August 20. PV OIL was trying to sell one 300,000bbl cargo for Oct 6-12 loading.