Pertamina sells LSWR to BP Amoco
Thursday, June 29 2000 - 02:15 AM WIB
Indonesia's state-owned Pertamina has awarded its July straight-run low sulfur waxy residue (LSWR) sell tender to BP Amoco, traders said yesterday.
The 200,000-barrel cargo, with sulfur levels of 0.24% and scheduled for July 3-5 lifting from Cilacap, was heard sold at a 10-30 cent premium to Singapore spot quotes.
Pertamina's July mixed/cracked LSWR sell tender had earlier been awarded to Petrodiamond at a US$1.00-1.20 premium to Singapore spot quotes.
Pertamina has also bought by tender Pakistan's Badin and Nigerian Forcados crudes for August, traders said.
The company bought 200,000 barrels of Badin and 900,000 to a million barrels of Forcados for August delivery, they said.
The Badin was purchased from a Japanese trading house at around US$1.50 a barrel premiums over Tapis spot prices, they said.
No details were heard on Forcados.
Traders said Pertamina was still seeking more crudes and may issue a supplementary tender for August by the end of this week.
Meanwhile, Pertamina has sold an end-July Bontang condensate cargo at around a 35 cents premium over spot prices.
The tender, which closed last Friday, offered 250,000 barrels of naphtha-rich Bontang Return Condensates (BRC) for lifting July 28-29.
They said the winner was a European oil major.
Traders said BRC premiums have soared due to the Kuwait Mina al-Ahmadi refinery fire over the weekend.
Kuwait is a key Middle East naphtha exporter to Asia.
In June, Pertamina only managed to sell a BRC cargo to US trader Unocal at around six cents premiums to spot prices. (*)