Business Recorder - Markets - Energy https://www.brecorder.com/ Business Recorder en-Us Copyright 2026 Thu, 13 Aug 2026 12:34:07 +0500 Thu, 13 Aug 2026 12:34:07 +0500 60 Vietnam PV Oil sells May Song Doc crude at record premium https://www.brecorder.com/news/8595/vietnam-pv-oil-sells-may-song-doc-crude-at-record-premium <p class="MsoPlainText"><img style="margin-right: 10px; margin-bottom: 10px; float: left;" src="https://i.brecorder.com/images/stories/pics2011/mar/Saudi_Light_Crude_Oil_404.jpg" width="400" height="335" />SINGAPORE: Vietnam's state oil marketer PV Oil sold via tender 250,000 barrels of Song Doc crude for loading in May at a record premium on strong demand for sweet crude in Asia. Demand for sweet crude in Asia, particularly distillate-rich grades, is strong as Japan is soaking up supplies to burn at power plants after a massive earthquake and tsunami damaged nuclear plants, causing an electricity shortage.</p> <p class="MsoPlainText">Gas oil cracks held at a one-week high as signs of firm spot demand from India and Vietnam outweighed the prospect of lower Japanese imports. The Song Doc cargo was sold to an oil major at a premium of $10.50-$11.00 a barrel to Minas formula, a person with direct knowledge of the deal said. In the previous Song Doc tender, PV Oil sold an April-loading cargo of the same size to ExxonMobil at a record premium of more than $7.50 a barrel to the Minas formula, traders said at the time.</p> <p><center><b><i> </i></b></p> <p class="MsoPlainText"> </p> <p></center><center><b><i>Copyright Reuters, 2011</i></b><i> </i><br /></center></p> SINGAPORE: Vietnam's state oil marketer PV Oil sold via tender 250,000 barrels of Song Doc crude for loading in May at a record premium on strong demand for sweet crude in Asia. Demand for sweet crude in Asia, particularly distillate-rich grades, is strong as Japan is soaking up supplies to burn at power plants after a massive earthquake and tsunami damaged nuclear plants, causing an electricity shortage.

Gas oil cracks held at a one-week high as signs of firm spot demand from India and Vietnam outweighed the prospect of lower Japanese imports. The Song Doc cargo was sold to an oil major at a premium of $10.50-$11.00 a barrel to Minas formula, a person with direct knowledge of the deal said. In the previous Song Doc tender, PV Oil sold an April-loading cargo of the same size to ExxonMobil at a record premium of more than $7.50 a barrel to the Minas formula, traders said at the time.

 

 

Copyright Reuters, 2011 

]]> Markets https://www.brecorder.com/news/8595 Fri, 25 Mar 2011 04:48:47 +0500 none@none.com (Shoaib Ur Rehman)