Taiwan CPC Buys Rare North Sea Crude Cargo via Tender

Source: Reuters 4/23/2015, Location: Asia

Taiwan's CPC Corp bought a rare cargo of North Sea Forties crude as it seeks to diversify supply, a source familiar with the matter said.

The state-owned refiner joins South Korean refiners in buying the North Sea grade as traders move surplus crude from Europe to Asia.

CPC bought 1 million barrels of Forties for June delivery from Unipec in a tender, trade sources said.

The Forties cargo was sold at about $3.50 a barrel above Dubai quotes on a cost-and-freight basis, a trader said, adding that Unipec was prepared to load the oil in early May.

In the same tender, CPC also bought 2 million barrels of Oman at 60-70 cents per barrel below Dubai quotes on a free-on-board basis, traders said.




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