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BP Bids for Forties Crude; Russia Boosts Primorsk Urals Exports

Aug. 20 (Bloomberg) -- BP Plc failed to buy North Sea Forties crude at a higher level than yesterday. Royal Dutch Shell Plc didn’t manage to sell Russian Urals at a lower price.

Russia will ship 15 cargoes of Urals from the Baltic port of Primorsk from Aug. 31 to Sept. 10, two more than in similar period this month, a preliminary loading program obtained by Bloomberg News showed. Shipments are in lots of 100,000 tons. OAO Rosneft issued a term tender for October to March.

North Sea

BP was looking to buy Forties for Sept. 13 to Sept. 15 loading at premium of 70 cents a barrel to Dated Brent, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window. The grade traded at plus 60 cents yesterday.

Trafigura Beheer BV failed to buy Forties at 60 cents above Dated Brent for Sept. 10 to Sept. 15.

Vitol Group didn’t sell the crude at 80 cents above Dated Brent for Sept. 9 to Sept. 11. Shell didn’t manage to sell Forties for Sept. 3 to Sept. 5 at a premium of 85 cents, while Gunvor offered the grade at 75 cents more than the benchmark for Aug. 31 to Sept. 2 loading.

No bids or offers were made for Brent, Oseberg or Ekofisk crudes. Reported crude trading typically occurs during the Platts window, which ends at 4:30 p.m. London time.

Brent for October settlement traded at $109.83 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $110.41 in the previous session. The November contract was at $108.87, a discount of 96 cents to October.

All 15 September Ekofisk cargoes were deferred, according to a revised schedule obtained by Bloomberg News. Three of the consignments will now load in October, taking exports down to 240,000 barrels a day next month from 300,000 barrels in the original schedule.

The delays are after a gas turbine fault at the BP Plc-operated Ula field on Aug. 7 preventing the platform from handling output from the Tambar, Blane and Oselvar sites. The three deposits, which are forecast to pump 8,000 barrels a day of crude into the Ekofisk stream according to the Norwegian Petroleum Directorate, won’t be able to resume production until mid-September when the turbine at Ula is replaced.

Mediterranean/Urals

Shell failed to sell 100,000 metric tons of Urals at parity to Dated Brent for loading in the Baltic Sea from Sept. 2 to Sept. 6.

Eight Urals shipments will load from the port of Ust-Luga in the first 10 days of September, while six Urals lots totaling 600,000 tons and one 80,000-ton cargo of Siberian Light will be exported via Novorossiysk from Aug. 31 to Sept. 8.

Hellenic Petroleum SA issued a tender to buy 80,000 tons of Urals for Sept. 10 to Sept. 12 delivery to Greece, according to three people with knowledge of the matter, asking not to be identified because information is confidential. The tender closes tomorrow.

Rosneft offered as much as 4.44 million tons of Urals for loading from Novorossiysk in the Black Sea, according to two traders with knowledge of the matter who asked not to be identified because the information is confidential.

The company also offered as much as 7.2 million tons of the sour grade from Primorsk and as much as 3.4 million tons from Ust-Luga, both in the Baltic Sea. Rosneft offered as much as 5.22 million tons of CPC Blend from the Black Sea. The tender closes Aug. 26, while bids are valid until Sept. 5.

Libya’s Zueitina port is ready to reopen, said Ibrahim Al Awami, the director of inspection and measurement department of the oil ministry. The Brega port reopened today. A force majeure was declared on the two ports, as well as Es Sider and Ras Lanuf on Aug. 18, which remain closed.

West Africa

Hindustan Petroleum Corp. Ltd. is scheduled to award its tender for October-loading crude tomorrow. Indian Oil’s tender for the same period will be awarded on Aug. 22

Nigeria’s loading programs for October and official selling prices for September are expected to be released this week.

To contact the reporters on this story: Laura Hurst in London at lhurst3@bloomberg.net; 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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