By: Inspenet, November 7, 2022
Sakhalin-1 oil exports are surging after Russia took control of the project from Exxon Mobil Corp., which had pledged to leave the country following the invasion of Ukraine.
Two tankers recently loaded Sokol crude from the De-Kastri terminal with both vessels pinpointing Yeosu in South Korea as their destination, marking the project’s first exports in five months, according to data compiled by Bloomberg. Russia’s Rosneft PJSC issued a tender that closed last week to sell six fast cargoes, mainly for cargo in November, traders said.
Exxon had been cutting production at Sakhalin-1 since May after signaling its intention to leave the country, and Moscow canceled the company’s interest in the project and transferred it to a Russian operator. Sokol can be shipped to major refining centers in China and South Korea in around three to five days.
Some Sokol cargoes offered by Rosneft were priced at a discount compared to the Dubai benchmark delivered to China, according to traders involved in the Asian market who asked not to be identified as the information is private. It’s unclear whether the deals have been finalized, they said.
This material from petrobanca.com was edited for clarity, style and length.
Source: https://petrobanca.com/el-old-exxon-petroleo-project-in-russia-increases-exports/
Photo: ShutterStock
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