Indonesia sells 1-year Duri supply to ENOC

SINGAPORE: Indonesian state oil regulator BPMIGAS has sold a year's supply of Duri crude to Emirates National Oil Co (ENOC) in a tender at a steady premium from the previous deal, traders said on Monday.

ENOC bought the Duri cargoes for loading between June 2012 and May 2013 at a premium of about $5 a barrel to its Indonesia Crude Price, they said. It can lift 200,000-450,000 barrels of Duri each month.

ENOC is likely to re-sell the cargoes to Japan, traders said, as only Japanese utilities can afford Duri at this premium.

BPMIGAS last sold Duri crude for December 2011 to May 2012 at a premium close to $5 a barrel to its ICP.