Sudan reoffers 600,000 barrels Dar Blend
August 13, 2008 (SINGAPORE) — Sudan has re-tendered to sell a 600,000-barrel cargo of Dar Blend crude for loading Sept. 30-Oct. 1, which had been thought awarded through the company’s first tender earlier this week, traders said on Wednesday.
The tender closes on Aug. 17 and may have come after state oil company Sudapet thought bids were too low.
This is the second time within a month that Sudapet has reissued sell tenders.
The company re-tendered to sell September Nile Blend in late July after having received low bids, traders said at the time. It later awarded that second tender at a differential stronger than bids made in the first tender.
Traders had said on Tuesday that Sudan would likely award its tender for September Dar Blend to Middle East trading company Fal Oil and European trader Glencore.
Glencore had been expected to take 1.6 million barrels at a discount of around $28.70 a barrel to Dated, while Middle East trader Fal Oil would buy the remaining 600,000 barrels at a discount of around $28.00, traders said.
It was unclear whether Glencore would lift only 1 million barrels as a result, with awards still not confirmed, a trader said.
The discounts discussed were sharply narrower than last month when August Dar Blend traded in tender at discounts of around $32.00 a barrel to Dated Brent.
(Reuters)