PV Oil Said to Sell Su Tu Den for Six Months at $6 Premium

Vietnam’s state-owned oil marketer PV Oil Co. sold Su Tu Den crude under long-term contracts for the six months from July to December to Mitsubishi Corp. (8058), JX Nippon Energy Oil & Energy Corp. and ConocoPhillips (COP), according to four traders who participate in the market who asked not to be identified because the information is confidential.

The cargoes will be sold at a premium of $6 a barrel to benchmark Minas oil.

Su Tu Den sold under the previous contract, from January to June, was priced at a premium of $7.15 a barrel to buyers including Mitsui & Co., Petro Summit Pte., JX Nippon and Mitsubishi, according to traders from those companies.

The details are as follows:

Crude:      Su Tu Den (Vietnam)
Quantity:   Minimum of 200,000 barrels a month
Term:       July to December
Price:      Premium of about $6 a barrel to APPI/Platts Minas
Buyers:     Mitsubishi, JX Nippon, ConocoPhillips

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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