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S.Korea refiner buys rare Canadian crude cargo for February

December 19/2017

MOSCOW (MRC) -- South Korean refiner GS Caltex Corp has bought a rare cargo of Cold Lake crude, the companys first purchase in more than two decades of this Canadian oil grade, reported Reuters with reference to a company spokesman's statement on Monday.

The second-largest refiner in South Korea bought 300,000 bbl of the heavy sour crude for delivery in the second half of February, he said.

The refiner is trying out a small volume of the oil, which has a quality similar to that of Iraqs Basra Heavy crude, a person familiar with the matter said, speaking on condition of anonymity because he wasnt authorized speak to media.

About 300,000 barrels of Cold Lake were loaded onto Panamax Selecao on Dec. 13 at Vancouver for delivery to an unspecified destination, trade flows data on Thomson Reuters Eikon showed.

One trading source said the arbitrage window might have briefly opened when the discount between US West Texas Intermediate crude and Brent futures stretched as wide as USD7/bbl last week on a disruption in Forties crude supply.

Heavy crude produced in Canada is trading close to its deepest discount in four years as pipeline constraints pushed western Canadian crude inventories to record highs.

GS Caltex operates a 790,000-bpd refinery in Yeosu. The refiner is equally owned by GS Energy Corp, a unit of GS Holdings, and US oil major Chevron Corp.

Another South Korean refiner Hyundai Oilbank Corp has also expressed interest in purchasing Canadian crude.


mrcplast.com
Author:Margaret Volkova
Tags:crude and gaz condensate, Chevron, GS Caltex, Canada, South Korea.
Category:General News
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