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

Statoil ASA, 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.

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