Mangalore pays $27-$29 for OVLآ’s Sudan crude

Vol 7, PW 6 (04 Jun 03) News in Brief

Mangalore Refineries is paying a market-determined price of $27 to $29 per barrel linked to a benchmark of Indonesian Minas for ONGC's 'equity' crude from Sudan.

ONGC is not giving us any discount," reveals a source. On 2nd June, MRPL unloaded a second parcel of 600,000 barrels of Sudan crude at New Mangalore Port.

Two weeks earlier on May 15th, deputy prime minister L.K Advani and oil minister Ram Naik received the first consignment of 576,000 barrels at $29 from 'ONGC Nile Ganga BV.

This year MRPL has already processed 972,000 barrels from Mumbai High and will soon sign a term contract with National Iranian Oil Company for 6m t/y of oil at $27 per barrel linked to Dubai crude.