Indonesia buys first Qatari condensate
Singapore, February 27, 2012
Petral, the trading arm of Indonesian national refiner Pertamina, bought its first Qatari condensate cargo in a tender for May delivery as it seeks to widen its crude selection, trade sources said on Monday.
Pertamina, one of the largest sweet crude buyers in Asia, has been on the search for new grades since 2010 as supply tightened in Asia on natural declines and stronger demand within the region.
In the past two years, the company has added Russian ESPO, Vityaz and Nigerian Akpo condensate to its list of approved grades for refineries.
In the latest tender, Petral bought 500,000-600,000 barrels of deodorised field condensate (DFC) and 730,000 barrels of Russian ESPO Blend crude in the tender, the sources said.
Both cargoes were sold by traders and prices were linked to dated Brent on a cost-and-freight (C&F) basis although the premiums were not immediately known.
The DFC has a sulphur content of about 0.3 percent and can be processed by Pertamina's largest refinery in Cilacap, a source said, despite the grade being produced in the Middle East where crude contains more sulphur than Asian grades.
Petral is likely to issue another tender seeking Nigerian crude for May-July delivery after it did not award the previous one that closed on Feb. 22 due to high offers, the source said. - Reuters