Mexico



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

Taiwan's oil refinery Formosa Petrochemical buys first U.S. crude to replace Mideast oil - official


 

By Florence Tan

SINGAPORE
Petroleumworld 07 24 2018

Taiwanese oil refiner Formosa Petrochemical Corp has bought a U.S. crude oil cargo for the first time to replace Middle East crude, the company spokesman said on Monday.

The company bought 1 million barrels of U.S. Mars crude to be delivered between the second-half of September and the second-half of October as its price was competitive with those of Middle East oil, Formosa's spokesman KY Lin told Reuters.

“The (refining) margins derived from processing U.S. Mars crude are very close to that of Basra and its sulphur content is also lower than Basra,” Formosa's spokesman KY Lin told Reuters, referring to Iraqi Basra Light crude, which the refinery buys in the spot market almost every month.

“We will try out the U.S. crude at our refinery, whether it's suitable, and decide later if we'll include the grade in future spot purchases,” he said.

Formosa joins several refiners across Asia in trying out new U.S. grades and increasing imports as the United States ramped up output to all-time highs this year while China, the second-largest U.S. oil importer after Canada, cuts back imports amid a trade war.

U.S. oil has become more competitive in Asia after the Organization of the Petroleum Exporting Countries (OPEC) and Russia reduced production in the first half of the year and pushed up prices for the Middle East and Russian Far East grades, traders said.

Fellow Taiwanese refiner CPC Corp buys at least 4 million barrels of U.S. light crude WTI Midland each month.

Formosa bought the U.S. Mars crude cargo at 50 cents to $1 a barrel above Dubai quotes for delivery to Taiwan, a source familiar with the matter said, just slightly more expensive than September-loading Oman crude sold on a free-on-board basis.

_________________________

Story by Florence Tan; Editing by Christian Schmollinger and Sherry Jacob-Phillips from Reuters.

reuters.com
07 23 2018

We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Twitter: @petroleumworld1


November 13 - 15, 2018.

Gubkin University, Moscow
SPE Student Chapter

 

 

 

 

 

 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld ™  / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.