By Nidhi Verma and Siyi Liu<\/p>\n
NEW DELHI\/SINGAPORE, Jan 12 (Reuters) – Vitol and Trafigura have started discussions on Venezuelan crude oil sales with refiners in India and China for cargoes to be delivered \u200bin March, several trade sources said on Monday.<\/p>\n
The global commodities traders confirmed on Friday they had struck \u200cagreements with the U.S. government to help market stranded Venezuelan oil, days after the interim government in Caracas agreed to export up to \u200c50 million barrels of crude oil to the U.S.<\/p>\n
Their marketing efforts will accelerate the sale of Venezuelan oil under the U.S. programme, allowing the OPEC producer to resume exports which have been halted since the ouster of President Nicolas Maduro.<\/p>\n
The trading firms are scrambling to secure ships, moving swiftly to sell the Venezuelan oil, with Trafigura’s CEO saying it will load \u2060its first cargo for the U.S. \u200cthis week.<\/p>\n
INDIAN REFINERS, PETROCHINA<\/p>\n
Vitol is approaching Indian state refiners to sell the oil, two of the sources said. The trader offered a cargo at a discount of $8-$8.50 a barrel to \u200dICE Brent on a delivered basis to one, one of the sources said.<\/p>\n
Refiners Indian Oil Corp and Hindustan Petroleum Corp would consider buying Venezuelan oil, sources told Reuters last week. Neither responded to requests for comment.<\/p>\n
Reliance Industries said it would consider resuming purchases \u200bof Venezuelan crude if sales to non-U.S. buyers are permitted under U.S. regulations.<\/p>\n
Vitol and Trafigura have also approached \u200cPetroChina, exploring interest from the Chinese state refiner which was a major buyer of Venezuela’s heavy sour Merey crude as well as fuel oil before U.S. sanctions started, three sources said.<\/p>\n
“The traders may first tap the big state oil traders rather than teapots,” one of them said, referring to independent refiners in China which typically buy cheap sanctioned oil.<\/p>\n
PetroChina did not immediately respond to a request for comment.<\/p>\n
Vitol declined to comment. Trafigura said it is providing logistical \u2060and marketing services to facilitate the sale of Venezuelan oil, but \u200bdeclined to comment on the discussions.<\/p>\n
SECOND-HALF MARCH DELIVERY<\/p>\n
Another source said Vitol \u200band Trafigura are offering cargoes for delivery in the second half of March.<\/p>\n
On Sunday, Vitol loaded the first cargo of naphtha from the U.S. to Venezuela onto the Panamax-sized Hellespont Protector, which \u200dis expected to arrive at \u2060Venezuela’s Port of Jose on January 28, shipping data on Kpler showed.<\/p>\n
Naphtha is used to thin Venezuela’s heavy crude oil and make it easier to move and process.<\/p>\n","protected":false},"excerpt":{"rendered":"By Nidhi Verma and Siyi Liu NEW DELHI\/SINGAPORE, Jan 12 (Reuters) – Vitol and Trafigura have started discussions…\n","protected":false},"author":2,"featured_media":1457,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[125],"tags":[895,1837,1839,1838,196,194,592,158],"class_list":["post-1456","post","type-post","status-publish","format-standard","has-post-thumbnail","category-vitol","tag-crude-oil","tag-heavy-crude-oil","tag-hindustan-petroleum-corp","tag-trade-sources","tag-trafigura","tag-venezuela","tag-venezuelan-oil","tag-vitol"],"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/1456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=1456"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/1456\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/1457"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=1456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=1456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=1456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}