Bloomberg News

Surgutneftegas Said to Cancel End-February Ust Luga Urals Tender

February 24, 2012

Feb. 24 (Bloomberg) -- Surgutneftegas, a Russian oil producer, canceled the tender for a Urals crude cargo loading on Feb. 27 to Feb. 28 from the Baltic Sea port of Ust-Luga, according to three traders who participate in the market.

Glencore International Plc, which was awarded the 100,000- metric-ton cargo last week, will get one or two shipments from Primorsk on the Baltic Sea as compensation, said the people, who declined to be identified because the information is confidential.

OAO Transneft, which operates the new oil terminal, plans to perform a “test” loading of a 100,000-ton tanker starting on Feb. 29 or March 1 that will be monitored by Russia’s industrial safety watchdog, Rostekhnadzor, Igor Dyomin, a spokesman for the oil pipeline monopoly, said by phone from Moscow today.

Ust-Luga’s opening was delayed from the end of November because of engineering difficulties at the wharves, Dyomin said in December.

--Editors: Stephen Voss, Torrey Clark

To contact the reporters on this story: Sherry Su in London at lsu23@bloomberg.net; Jake Rudnitsky in London at jrudnitsky@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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