YPF Awards Tender to Buy Nigerian Crude Cargo from Vitol

Source: Reuters 4/25/2014, Location: Africa

Argentina's state-run oil company YPF awarded a tender to buy a 1 million barrel cargo of Nigerian Bonny Light crude from trading firm Vitol, sources close to the transaction told Reuters.

This marks the first time the South American country, which produces some 700,000 barrel per day (bpd) of oil according to the U.S. Energy Information Administration, has agreed to buy Nigerian crude after Argentina in January lifted restrictions on crude imports.

That measure was taken to buy cheaper crudes instead of more expensive imported fuels.

"The cargo will be delivered in the second week of May at Bahia Blanca port and then the crude will be distributed by Enarsa to several Argentine refineries, including Campana, La Plata and Buenos Aires," one of the sources said.

Traders expect the state-run company will keep buying light crudes to combine with local output of heavy grades.

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