Singapore — Indonesia's Pertamina bought its first cargo of US crude oil, highlighting the company's attempts to diversify its sources of barrels and further expanding the reach of US crude exports in Asia, a trade source said Thursday.
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The source at Pertamina said the cargo of light, sweet WTI Midland crude will arrive in Indonesia in early June.
S&P Global Platts vessel tracking software cFlow showed the Aframax vessel China Dawn left the port of Houston on April 20 and is estimated to arrive at Cilacap on June 7.
The Pertamina source said the cargo was priced off Dated Brent on a delivered basis. Pertamina is a crude producer and operates several refineries.
Pertamina is the latest in a growing line of Asian refiners that have tested US crude oil for the first time amid surging US crude output and exports. In addition, US crude is often priced at attractive discounts to Asian crude grades of similar quality.
Apart from Pertamina, Vietnam's 148,000 b/d Dung Quat refinery will also be taking delivery of its first US crude cargo of 1 million barrels of WTI crude this month.
(Corrects WTI Midland crude to Dung Quat in last paragraph to WTI crude)
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