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Petronas Said to Sell Labuan, Tapis Crude Oil for April to Shell

Wednesday, 22 February 2012 | 16:30
Petroliam Nasional Bhd. (PET), the Malaysian state oil company known as Petronas, sold 600,000 barrels of Tapis crude and 300,000 of Labuan for loading in April to Royal Dutch Shell Plc, said three traders who participate in the market, declining to be identified because the information is confidential.
Details of the sale are as follows:
 
Crude:          Tapis (Malaysia)
Quantity:      600,000 barrels
Buyer:           Shell
Loading:       April 1-30
Port:              Labuan Crude Terminal
Price:            Premium of about $7.50 a barrel to Dated Brent
 
Crude:           Labuan (Malaysia)
Quantity:      300,000 barrels
Buyer:           Shell
Loading:       April 11-17
Port:              Labuan Crude Terminal
Price:            Premium of about $9.50 a barrel to Dated Brent
Source: Bloomberg
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