China oil company sells 1 mln barrel of Dar Blend

March 12, 2010 (SINGAPORE) — China National Petroleum Corp (CNPC) sold a cargo of Dar Blend Sudanese crude for April loading to Chinaoil at about $8 a barrel to dated Brent, traders said on Friday.

Earlier this week, Sudapet, Sudan’s state oil company, sold two cargoes of April-arrival Dar Blend to Chinese refiners, also at discounts of about $8 a barrel to dated Brent.

Dar Blend crude is heavily discounted because of its high acid content, making it unattractive to most Asian refiners.

In January, state-run CNPC sold a 1-million-barrel cargo also to Chinaoil at a discount of between $8.00 and $8.50 a barrel to dated Brent.

U.S. sanctions against the purchase of Sudanese goods also keep many companies away.

CNPC and Malaysia’s Petronas are the major equity producers of Dar Blend and the main marketers of the grade.

(ST)