Taiwan CPC Purchases 2 Million Barrels of West Africa Crude

By MarEx 2011-07-28 14:38:03

Traders report that the Taiwanese state oil refiner, CPC Corp, has purchased at least 2 million barrels, or 1 VLCC, of Nigerian and Angolan crude and possibly even more via tender.

CPC bought one cargo shipment of Nigerian Antan crude from China International United Petroleum & Chemical Corp., or Unipec, as well as another cargo from Angolan Cabinda from Sonangol Holdings, according to the sources.

Bloomberg provided the following details of the purchase:

Crude:        Cabinda (Angola)
Quantity:     1 million barrels
Seller:       Sonangol
Loading:      Sept. 24 to Sept. 25
Price:        Not confirmed
Crude:        Antan (Nigeria)
Quantity:     1 million barrels
Seller:       Unipec
Loading:      Sept. 20 to Sept. 21
Price:        Not confirmed

CPC, in their previous tender, purchased up to 5 million barrels of crude from West African sources.  Some traders purport that they might have bought another VLCC of crude from West Africa, but the purchase has not yet been confirmed.