Dubai – Mubasher: Malaysia’s Petronas decided to auction its Kimanis crude grade on the Dubai Mercantile Exchange (DME), Reuters reported, citing sources familiar with the matter as saying.
This will make the company the first to sell a non-Middle East oil on the DME, the agency stated.
Petronas plans to offer September loadings of Kimanis crude grade next month, the industry sources said.
Petronas’ trading arm Petco is aiming to sell the Kimanis grade over the DME, without announcing any details about volumes or timing, according to documents on the DME website.
The August loadings of Kimanis crude output is expected to increase to a record 12 cargoes of 600,000 barrels each, Reuters stated.
Kimanis premiums plunged to their lowest in nearly two years at $1.50 per barrel (pb) in April.
"Kimanis needs to find new homes... It's good to find new buyers apart from the usual end-users," a trading source who markets the grade told the agency about Petronas' DME plans.
Since January 2016, four cargoes of oil have been auctioned on the DME.
