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Asia Crude-ONGC sells 1st Azeri cargo at +$2.7/bbl Dt Brent-sources

Source : REUTERS
Last Updated: Fri, Jul 26, 2013 14:40 hrs

NEW DELHI, July 26 (Reuters) - India's ONGC Videsh has sold its first parcel of Azeri Light crude for Aug 29-31 lifting at a premium of about $2.70 a barrel to dated Brent, two sources privy to the deal said on Friday.

ONGC Videsh, the overseas investment arm of state-run explorer Oil and Natural Gas Corp, sold the 600,000-barrel cargo from Ceyhan terminal in Turkey through a tender to Statoil, they said.

Hess Corp completed in April its sale of a 2.72 percent stake in the Azeri, Chirag and Guneshli (ACG) group of oilfields in Azerbaijan as well as its 2.36 percent stake in an associated pipeline to ONGC for $1 billion.

ONGC Videsh on Friday also awarded a tender to sell 700,000 barrel Russian Sokol crude cargo for Sept. 28-Oct. 1 lifting at a higher premium than its previous sale.

The Sokol cargo has been awarded to Unipec at a premium of about $8 a barrel to Oman/Dubai quotes, the sources said.

Previously, ONGC Videsh sold a similar sized cargo for end-August lifting to Vitol at a premium of about $6.5 a barrel to Oman/Dubai quotes. (Reporting by Nidhi Verma; editing by James Jukwey)



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