Asia-Pacific Crude-Vietnam’s Offer Of Prompt Crude Weighs

Vietnam’s offer of prompt Bach Ho crude for September, following an unexpected shutdown of the country’s sole refinery, weighed on sentiment in the Asia-Pacific crude market which is already saddled with ample supplies, traders said on Monday.

The 135,000 barrels-per-day Dung Quat refinery, shut over the weekend, could be down for about 14 days, traders said. The reasons for the shutdown were not immediately known. State-owned PV Oil offered the prompt crude supply for September delivery in a tender that will close on August 7 with bids valid until a day later. This is the second Bach Ho tender from PV Oil in less than a week.

* TENDERS

– India’s Hindustan Petroleum Corp issued a tender seeking sweet crude for September. The tender will close on August 8, with bids valid until August 9.

* MARKET NEWS

– Vietnam’s July crude oil production rose 16 percent from a year ago to 1.38 million tonnes, or 326,000 barrels per day, the Industry and trade ministry estimated on Monday, slightly above an earlier government estimate of 1.31 million tonnes.

– Japan’s Taiyo Oil Co Ltd said it restarted the 32,000 barrels per day (bpd) No.2 crude distillation unit (CDU) at its sole Shikoku refinery on Monday morning, a day later than its

original plan.

– Russia’s state-owned oil pipeline monopoly Transneft said on Monday crude oil supplies to the Pacific port of Kozmino had returned to normal after a cut in volumes due to railway congestion.

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Category: Business