IOC buys 4 mn barrels W Africa crude

Last Updated: Friday, January 8, 2010 - 00:21

New Delhi/London: State-run Indian Oil Corp (IOC) bought 4 million barrels of West African crude in its tender for February or March loading cargoes, trade sources said on Thursday.

India`s largest refiner bought 1 million barrels of Nigerian Qua Iboe to co-load with the same amount of Escravos crude in a Very Large Crude Carrier (VLCC), traders said.
The Qua Iboe was sold close to dated Brent plus $1.50, while the Escravos was done between dated $1.35-$1.40, they said. These cargoes were expected to load in March rather than February. Details of the tender winner had yet to emerge.

IOC also bought a VLCC made up of 1 million barrels each of Nigerian Yoho and Equatorial Guinean Zafiro crude oil grades, traders said. The Yoho was sold between dated Brent plus $1.40-$1.60 with the Zafiro between dated Brent plus 35-40 cents.
The Yoho and Zafiro package was provided by Vitol, one trade source said. Vitol currently owns a Yoho for Feb. 11-12 loading and a Feb. 13-14 Zafiro, which could co-load.

IOC has already taken up to 6 million barrels of crude oil from West Africa for February loading.

Bureau Report



First Published: Friday, January 8, 2010 - 00:21

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