Bloomberg News

Shell Said to Buy Sokol Oil From ONGC at Premium of $7-$7.20

May 18, 2012

India’s ONGC Videsh Ltd. sold a cargo of Russia’s Sokol crude loading in July at a premium of about $7 to $7.20 above benchmark Oman and Dubai oil to Royal Dutch Shell Plc (RDSA), said three traders who participate in the market, declining to be identified because the information is confidential.

Details of the deal are as follows:

--------------------------------------------------------------
Crude:         Sokol (Russia)
Price:         Premium of about $7 to $7.20 a barrel above
               average of Platts Dubai and Oman, including cost
               and freight (C.F.R.)
Buyer:         Shell
Quantity:      700,000 barrels
Period:        July 14-17
Seller:        ONGC Videsh
---------------------------------------------------------------

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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