State-run Indian Oil Corp. (IOC) has bought a Very Large Crude Carrier of West African crude in a tender for June-loading crude at strong levels, traders said on 12 April.
IOC bought around 950,000 barrels of Nigerian Brass River and 950,000 barrels of Angolan Girassol, traders said.
Brass River could have traded at around a $3.10-a-barrel premium to dated BFO, while Girassol was heard to have fetched an 85-cent discount to dated BFO, both some 20-25 cents above the grade’s spot value, a trader said.
“The existing premum is around plus $2.90 for Brass and minus $1.10 for Girassol. So it looks high,” the trader said.India’s largest state refiner IOC bought a Very Large Crude Carrier of Angolan crude in its previous tender.
It also bought last month 1 million barrels of Libyan sweet Essider crude in a tender for end-April and May loading, a rare purchase from the North African country and the latest sign of IOC varying its crude imports.
The company also bought Ecuadorean heavy sour crude last month, likely for the first time, and April-loading Neutral Zone Ratawi sour crude earlier.
IOC, which has about 10 refineries spread across India for a total capacity of 1.204 million barrels per day, tenders several times a month for crude.