Statoil Hires Frontline VLCC to Store Crude at Sea, Optima Says

Statoil ASA (STL), Norway’s biggest oil and gas producer, booked a supertanker to store crude at sea, Optima Shipbrokers Ltd. said.

Statoil hired a very large crude carrier owned by Frontline Ltd., the world’s largest supertanker operator, at a daily cost of $32,000 for a period of 30 to 40 days, Optima said in a report e-mailed today. Jannik Lindbaek, vice president of media relations for Stavanger, Norway-based Statoil, declined to comment when telephoned by Bloomberg.

Crude fell for a fourth week last week in New York trading, increasing the incentive to store cargoes at sea, after the International Energy Agency announced it was adding 60 million barrels to global supplies. A VLCC can hold 2 million barrels of oil.

To contact the reporter on this story: Rob Sheridan in London at rsheridan6@bloomberg.net.

To contact the editor responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.