Asia Crude-ONGC tenders to sell Sudan’s Nile Blend

SINGAPORE, June 8 (Reuters) – State-owned Oil and Natural Gas Corporation (ONGC) has issued a tender to sell one million barrels of Sudanese Nile Blend crude for lifting July 24-26, traders said on Tuesday.

The tender closes on June 14, with offers valid until June 15, traders said.

This is the third time that the upstream oil company has tendered to sell some of its equity Sudanese crude and, is the largest volume it has offered so far.

Last month, ONGC sold 600,000 barrels of June-loading Nile Blend by tender to a European trader at a 19-20 cents per barrel below Minas Indonesia Crude Price (ICP).

ONGC holds a 25 per cent stake in the Greater Nile project. The company’s chairman, Subir Raha, said last week that ONGC’s output had risen to 75,000 barrels per day (bpd) from 65,000 bpd last year.