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SINGAPORE, July 20 (Reuters) – Mitsubishi Corp purchased a cargo of Vietnamese crude for loading in September on behalf of Japanese utilities at a file premium for the grade, merchants mentioned on Wednesday.
The acquisition comes after Nippon Metal purchased a liquefied pure fuel (LNG) cargo on the highest worth ever paid in Japan. The world’s No. 2 LNG importer is scrambling for energy fuels as a world heatwave drives electrical energy demand this summer time. learn extra
“Japan has an influence scarcity, so it has to pay up. Different international locations even have the identical drawback now, particularly in Europe,” one of many merchants mentioned.
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Mitsubishi paid a premium of $21 a barrel to dated Brent for the 300,000-barrel cargo of Vietnamese Chim Sao crude, mentioned two of the merchants who usually monitor the grade.
That places the price of the cargo at about $127 a barrel based mostly on present Brent costs, or $38.1 million.
Mitsubishi doesn’t touch upon particular person offers, a spokesperson mentioned.
Japan final imported Chim Sao crude in February and April, based on Refinitiv knowledge.
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Reporting by Florence Tan, Further reporting by Nobuhiro Kubo in Tokyo; Modifying by Louise Heavens
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