Sudan offers 4 mln barrels of oil to sell in January 08
November 16, 2007 (SINGAPORE) — Sudanese state oil firm Sudapet has issued its regular monthly tender, offering 4 million barrels of Nile Blend crude for January loading, double the amount it offered for December, a trader said on Friday.
The tender closes on Nov. 22 and offers are to remain valid until Nov. 24, the trader added.
The higher volumes come after Sudapet offered only 2.6 million barrels for October and 2 million barrels each for November and December, and may indicate Sudan sold lower volumes, if any, through term contracts for the January-to-March period.
Sudapet awarded its previous tender for December Nile Blend, to European trader Arcadia at discounts of between $3.50 and $4.30 a barrel to the Minas Indonesia Crude Price (ICP), stronger than the previous month’s levels.
The grade has rebounded, in line with other direct burning grades, on signs that these crudes may pick up ahead of the peak winter heating season.
Nile Blend took a hit earlier this year as expectations of a demand spike for crude and fuel oil from Japanese utilities failed to materialise after the country had to shut its largest nuclear facility in July.
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