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Iraq offers March Basra crude with unusual pricing term - sources The tenders will close on February 12

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Iraq offers March Basra crude with unusual pricing term - sources The tenders will close on February 12 Empty Iraq offers March Basra crude with unusual pricing term - sources The tenders will close on February 12

Post by GirlBye on Fri Feb 08, 2019 12:07 pm

Iraq offers March Basra crude with unusual pricing term - sources The tenders will close on February 12 180510084322DWVJ

By Florence Tan, Reuters News

SINGAPORE -

* Iraq's Oil Marketing Company (SOMO) has issued two tenders to sell 2 million barrels each of Basra Light and Basra Heavy crude for March loading that came with an unusual pricing condition, three trade sources said on Friday.


* Buyers will have to submit bids at premiums to Asia's Basra official selling price (OSP) for the cargoes that can be send anywhere in the world, they said


* Such cargoes, also known as destination-free cargoes, are typically priced at differentials to the Basra OSP in the region that they are delivered to * Buyers would have to work out and take on risks for converting the benchmarks to that of other regions, the sources said


* The tender would also enable SOMO to assess which other region would be able to pay more than the Asia's OSP which is usually the highest, one of them said


* The tenders will close on Feb. 12

https://www.zawya.com/mena/en/business/story/Iraq_offers_March_Basra_crude_with_unusual_pricing_term__sources-TR20190208nL3N2031M4X1/
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