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First CPC Blend flows through Mid East pipeline

The first shipment of oil destined for the Chinese Petroleum Corp (CPC) has flowed through the As...

The 160,000 tonnes of sweet, light CPC Blend crude from Kazakhstan and 80,000 metric tonnes of sour Urals crude from Russia will be shipped by Glencore International to Taiwan, from the Israeli port of Eilat.

The combined cargo will be loaded on a VLCC at the port, which is located in the Gulf of Aqaba.

No price was disclosed but it is believed that the CPC Blend was sold at between US$3.40 to US$3.50/bbl on an ex-ship basis.

This shipment represents the first such CPC Blend that will be sent through the Ashkelon-Eilat pipeline. Crude from the Urals had already been sent via the pipeline in March.

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