Bloomberg News

Russia’s TNK-BP Said to Sell May ESPO Cargoes to Gunvor, Shell

March 26, 2012

TNK-BP (TNBP), the Russian oil venture, sold two cargoes of East Siberian Pacific Ocean crude, or ESPO, for May loading to Gunvor Ltd. and one to Royal Dutch Shell Plc (RDSA), according to three traders who participate in the market.

The 100,000 metric-ton cargoes sold at premiums of more than $4 a barrel to Middle East benchmark Dubai, according to the traders, who declined to be identified because the information is confidential.

The details of the deal are as follows:

---------------------------------------------------------------
Crude:        ESPO  (Russia)
Quantity:     3 x 100,000 tons (3 x 730,000 barrels)
Pricing:      Premium of more than $4 a barrel to Platts Dubai
Buyers:       Gunvor (May 3-10)
              Shell (May 14-17)
              Gunvor (May 26-29)
Seller:       TNK-BP
Port:         Kozmino Bay Terminal, Russia’s Far East
--------------------------------------------------------------

To contact the reporters on this story: Ramsey Al-Rikabi in Singapore at ralrikabi@bloomberg.net; Jake Rudnitsky in Moscow at jrudnitsky@bloomberg.net

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


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