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Santos issues tender to sell Australian Van Gogh crude

Tuesday, 11 June 2019 | 20:00

Australian oil and gas producer Santos Ltd has issued a tender to sell 400,000 barrels of Van Gogh crude for loading on Aug. 7-11, trade sources said on Tuesday.

Santos has set a target price of $12.60 a barrel premium to dated Brent in the tender, they said.

The tender will close on June 12.

Santos sold a June-loading Van Gogh crude cargo at a premium of more than $9 a barrel.

Van Gogh is one of Australia’s heavy sweet crudes that have been sold at record premiums over the past several months.

Traders snapped up the oil for blending with fuel oil in preparation for the new regulations for low-sulphur marine oil ahead of implementation of IMO 2020.
Source: Reuters (Reporting by Florence Tan)

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