Bloomberg News

Vietnam’s PV Oil Said to Sell Bach Ho Oil to Petrobras, Arcadia

June 04, 2012

PV Oil Corp., Vietnam’s state-run oil-marketing company, sold as much as 900,000 barrels of Bach Ho crude loading to Arcadia Petroleum Ltd. and Petroleo Brasileiro SA, or Petrobras (PETR4), said two people with knowledge of the deal, declining to be identified because the information is confidential.

Additional cargoes were sold to unknown buyers, they said. Petrobras paid a premium of about $3.80 to $4 a barrel more than benchmark Minas crude, one of the traders said.

Details of the deal are as follows:

------------------------------------------------------------
Crude:       Bach Ho (Vietnam)
Buyers:      Petrobras, 300,000 barrels for June
             Arcadia, 600,000 barrels for July
Seller:      PV Oil
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To contact the reporter on this story: 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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