Vitol to sup­ply Ar­gentina with first Nige­rian light crude

Daily Trust - - NEWS -

Ar­gentina’s state-run oil com­pany YPF awarded a ten­der to buy a 1 mil­lion-bar­rel cargo of Nige­rian Bonny Light crude to trad­ing firm Vitol, sources close to the trans­ac­tion told Reuters on Fri­day.

This marks the first time the South Amer­i­can coun­try, which pro­duces 700,000 bar­rels per day (bpd) of oil ac­cord­ing to the U.S. En­ergy In­for­ma­tion Ad­min­is­tra­tion, has agreed to buy Nige­rian crude since it lifted re­stric­tions on crude im­ports in Jan­uary. The mea­sure was taken to buy cheaper crudes in­stead of im­port­ing more ex­pen­sive fin­ished fu­els, the govern­ment said.

“The cargo will be de­liv­ered in the sec­ond week of May at Bahia Blanca port and then the crude will be dis­trib­uted by Enarsa to sev­eral Ar­gen­tine re­finer­ies, in­clud­ing Campana, La Plata and Buenos Aires,” one of the sources said.

Enarsa, an­other Ar­gen­tine staterun oil com­pany, will be in charge of re­ceiv­ing the cargo and will deliver the crude to re­fin­ing com­pa­nies.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.