Bloomberg News

ONGC Videsh Said to Sell Late-May Sokol Crude to Petraco

March 30, 2012

ONGC Videsh Ltd., the overseas unit of India’s largest oil explorer, sold a cargo of Russia’s Sokol crude for May 26 to May 29 delivery to Petraco Oil Co. at a premium of about $7.50 a barrel above Oman and Dubai oil benchmarks, according to two traders who participate in the market, declining to be identified because the information is confidential.

ONGC Videsh is a wholly owned unit of Oil & Natural Gas Corp. (ONGC) The company recently sold a Sokol cargo for May 16 to May 19 to BP Plc (BP/) at about a $7 premium, according to two traders on March 23.

-------------------------------------------------------------
Crude:         Sokol (Russia)
Price:         Premium of about $7.50 a barrel above average of
               Platts Dubai and Oman, including
               cost-and-freight (C.F.R.)
Buyer:         Petraco
Quantity:      700,000 barrels
Loading:       May 26 to May 29
Port:          DeKastri Terminal, Sakhalin, Russia’s Far East
--------------------------------------------------------------

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

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


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