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Libya’s NOC Said to Award Crude Tender to BP, Total, Saras

National Oil Corp., the Libyan state oil company, awarded a tender to sell 5.2 million barrels of crude for loading in November and December to BP Plc (BP/), Total SA (FP) and Saras SpA (SRS), said three traders who participate in the market.

This is the largest single sale of Libyan crude since the country resumed production two months ago, after exports were shuttered amid the rebellion to oust Muammar Qaddafi in March.

“New flow on Libyan supply has exceeded our expectations,” analysts led by New York-based Hussein Allidina at Morgan Stanley said in a note on Nov. 20. “As rapidly rising exports become readily available to the market, Brent price and structure should come under additional pressure.”

The spread between the first two months of Brent futures has fallen to 16 cents a barrel from an 11-year high of $2.68 last month, excluding expiry abnormalities, according to data from ICE Futures Europe.

Details of the sales are as follows:

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Crude: Zueitina
Loading: Dec. 6 to Dec. 20
Quantity: 600,000 barrels
Port: Zueitina terminal
Buyer: Total
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Crude: Mellitah Blend
Loading: Nov. 21 to Nov. 30
Quantity: 1 million barrels
Port: Mellitah terminal
Buyer: BP
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Crude: Abu-Attifel
Loading: Dec. 15 to Dec. 30
Quantity: 600,000 barrels
Port: Zueitina terminal
Buyer: Saras
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Crude: Al Jurf
Loading: Dec. 2 to Dec. 4
Quantity: 600,000 barrels
Port: Farwah terminal
Buyer: BP
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Crude: Amna
Loading: Nov. 27 to Nov. 29, Dec. 1 to Dec. 15
Quantity: Two 600,000-barrel cargoes
Port: Ras Lanuf terminal
Buyer: Saras
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Crude: Sirtica
Loading: Nov. 25 to Nov. 27, Dec. 5 to Dec. 7
Quantity: Two 600,000-barrel cargoes
Port: Ras Lanuf terminal
Buyer: Total
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To contact the reporter on this story: Sherry Su in London at lsu23@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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