Vietnam offers Jan-June Su Tu Den on dated Brent

SINGAPORE: Vietnam's state oil marketer PV Oil has offered Su Tu Den crude for loading between January to June to be priced on dated Brent, completing a switch to the price reference for all its grades, a trade source said on Wednesday.

The producer responded to calls from buyers to move away from a volatile regional reference -- the Minas formula, an average of assessments from Platts and the Asia Petroleum Price Index (APPI) -- by pricing all its grades on dated Brent.

In the tender, buyers will have to submit their bids to buy a minimum 6,700 barrels per day (bpd) of the medium sweet Su Tu Den crude.

The tender will close on Oct. 12 with bids valid until Oct. 23.