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Japan’s METI sells Kuwaiti Khafji crude from reserves

Tuesday, 11 June 2019 | 20:00

Japan’s METI has sold 270,000 kilolitres (1.7 million barrels) of Kuwaiti heavy crude Khafji for sale from its strategic petroleum reserves (SPR), trade sources said on Tuesday.

* The cargo was sold to Japanese trading company Marubeni Corp at a premium of about 11 cents a barrel to the grade’s official selling price (OSP), they said.

* The cargo will load between July 25 and Sept. 30 from the Shibushi SPR in Kagoshima
* Marubeni may sell the cargo to an end-user in South Korea and India as Japan’s demand is low due to refinery maintenance, one of the sources said.

* Marubeni could not be immediately reached for comment.
Source: Reuters (Reporting by Florence Tan in SINGAPORE and Yuka Obayashi in TOKYO, Editing by Sherry Jacob-Phillips)

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