Russian crude ESPO Blend is in strong demand with Asia-Pacific refiners, reports Argus Global Markets. Cargoes loading from Russia's Pacific port of Kozmino in December and early January 2010 have traded at premiums of more than $2/b to Mideast Gulf benchmark Dubai-their highest since ESPO Blend started trading a year ago. The Kozmino market will be the basis for pricing ESPO Blend used to fill the 900-km Chinese section of the East Siberia-Pacific Ocean (ESPO) pipeline spur to Daqing. CNPC trading arm ChinaOil bought 4mn barrels of ESPO Blend from Russia's Rosneft in November and December for line fill. The firms have agreed to price the crude off monthly average assessments by agencies Argus and Platts.
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