Indonesia Buys June-Dec Basra Light Crude

By John Lee.

Indonesia has signed a deal with Iraq’s State Oil Marketing Organization (SOMO) to buy Basra light crude in the second half of 2013.

According to reports from Reuters and Jakarta Globe, Iraq is winning more customers in Asia as it is selling its crude cheaper than comparable grades, undercutting rival Saudi Arabia to grab a bigger slice of the Asian market.

Petral, the trading unit of state-run energy firm Pertamina, will lift 1 million barrels of the medium, high sulphur crude each month between June and December.

(Sources: Reuters, Jakarta Globe)

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