PetroChina and privately-held Hengli Petrochemical (Dalian) Refinery were awarded 4.43 million barrels of crudes in China’s first set of planned auctions from state crude reserves, sources from both companies told S&P Global Platts Sept. 24.
The state-run PetroChina won 951,137 barrels of Qatar Marine and 1.1 million barrels of Forties, each cargo priced at $65/b.
Hengli took 1.79 million barrels of Oman at $65/b and 592,031 barrels of Upper Zakum at $70.50/b.
However, the 2.95 million barrels of Murban crude failed to attract any bids.
As planned, China’s National Food and Strategic Reserves Administration held the auction on the National Oil Reserve Trading System Sept. 24.
Participants said the notional price for the auction barrels was $65/b.
China’s first set of state crude reserve auctions on Sept. 24
Source: Platts