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Blend's March program runs from February 27 to April 1 and will comprise of 26 cargoes - 25 are 100,000-mt in size and one is 140,000 mt in size.
A long-time buyer of ESPO
crude from Russia's Far East, JX has changed contract terms with Russia's top oil firm Rosneft and trading firm Tenergy, enabling it to take less oil or buy alternative blends, two sources with direct knowledge of the matter said.
In early November, Transneft completed filling ESPO
's second leg with technical oil in preparation for full operations.
Industrial pumps business segment's external revenues contracted by 34% y-o-y to R2.9b, however the growth, excluding the ESPO
contract, reached 56% y-o-y.
The diesel-rich ESPO
Blend is a medium-heavy sweet grade - about 34[degrees] API with sulphur content of up to 0.6% - lighter than Urals and similar to Middle East benchmark Oman crude.
Last year, Espo
's expanded into Florida and California, and the company plans to grow increasingly national in 2008.
will now be looking more closely at the Commission's interpretation of treaty rules on port concessions.
"Not only will the Saudis need to amend official selling prices (OSPs) to a level that would entice refiners, but you may also see competition from alternatives," said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas in London."And if ESPO
keeps building up, the pressure keeps on growing."
Platts' new ESPO
daily assessments followed more than a year of consultation with Russian Energy Ministry officials, producers, consumers, transport and other petroleum industry experts.
Harmonising trade schedules with Middle East crudes, robust gas oil crack spreads and high freight rates allowed Rosneft, ESPO
's and Russia's top oil producer, to sell seven lots for loading in August and September at premiums of between 15 and 42 cents a barrel to Dubai quotes.