Asian refiners continue to draw South American heavy crudes.

摘要

Market sources said on March 17 that Taiwan's Formosa Petrochemical has bought its first cargo of Colombian Vasconia crude, a 700K~bbl parcel which will be delivered in May. The Vasconia crude is heavy, sweet with 24.3°API and 0.83wt% sulfur, and TAN of 0.44. Sources said that the company has become one of a growing group of Asian refiners looking to South America not only for cheaper oil but also to reduce dependence on the Middle East. Formosa bought the crude from oil trader Gunvor on a C&F basis, at a $1.50/bbl discount to Dubai quotes. The company also bought Ecuadorean Oriente crude (with 24.0°API and 1.59 wt% sulfur, and TAN of 0.04) for the first time in 2014.