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Shell, Unipec Sign Six-Month Term Contract for Vietnam’s TGT Oil

Vietnam’s PV Oil Corp., the state-owned oil-marketing company, signed six-month deals to sell the country’s Te Giac Trang crude to Royal Dutch Shell Plc and China International United Petroleum Chemical Co., known as Unipec, according to two traders who participate in the market, declining to be identified because the information is confidential.

Shell and Unipec join Vitol Group as the three buyers awarded contracts for Te Giac Trang last week.

The details of the transactions are as follows:

Crude:     Te Giac Trang (Vietnam)
Loading:   July to December
Buyers:    Vitol, Shell and Unipec
Size:      At least 300,000 barrels per month each
Price:     Premium of about $6.60 to $6.70 more than dated Brent
Seller:    PV Oil

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