Bloomberg News

India’s ONGC Said to Sell 700,000 Barrels of Sokol Oil to BP

March 23, 2012

ONGC Videsh Ltd., the overseas unit of India’s largest oil explorer, sold a cargo of Russia’s Sokol crude for May 16 to May 19 loading to BP Plc (BP/) at a premium of about $7 a barrel above the Oman and Dubai benchmarks, according to two traders who participate in the market, declining to be identified as they aren’t authorized to speak to the media.

ONGC Videsh is a wholly owned unit of Oil & Natural Gas Corp. (ONGC)

Russian producer OAO Rosneft (ROSN) sold May cargoes of Sokol to BP and Warly at premiums of around $7.50 to $8.10, according to three traders on March 14.

Details of the sale are as follow:

-------------------------------------------------------------
Crude:         Sokol (Russia)
Price:         Premium of about $7 a barrel above average of
               Platts Dubai and Oman, including
               cost-and-freight (C.F.R.)
Buyer:         BP
Quantity:      700,000 barrels
Loading:       May 16 to May 19
Port:          DeKastri Terminal, Sakhalin, Russia’s Far East
--------------------------------------------------------------

To contact the reporters on this story: Ramsey Al-Rikabi in Singapore at ralrikabi@bloomberg.net; Pratish Narayanan in Mumbai at pnarayanan9@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net


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