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Japan’s METI sells Kuwaiti Khafji crude from reserves

Japan’s METI has sold 270,000 kilolitres (1.7 million barrels) of Kuwaiti heavy crude Khafji for sale from its strategic petroleum reserves (SPR), trade sources said on Tuesday.

* The cargo was sold to Japanese trading company Marubeni Corp at a premium of about 11 cents a barrel to the grade’s official selling price (OSP), they said.

* The cargo will load between July 25 and Sept. 30 from the Shibushi SPR in Kagoshima
* Marubeni may sell the cargo to an end-user in South Korea and India as Japan’s demand is low due to refinery maintenance, one of the sources said.

* Marubeni could not be immediately reached for comment.
Source: Reuters (Reporting by Florence Tan in SINGAPORE and Yuka Obayashi in TOKYO, Editing by Sherry Jacob-Phillips)

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