LONDON: Argentina’s YPF issued a rare tender to buy light sweet crude oil from West Africa, the North Sea or the Mediterranean, traders said on Monday.
The traders said the tender, whom closes on March 3, was for up to 1.6 million barrels. It requested the oil in two cargoes, one of 600,000 barrels and the other of 1 million barrels for delivery to Puerto Rosales between March 29 and April 7.
A source in Argentina familiar with the tender said the request was for a single cargo of either 1 million barrels or 600,000 barrels.
The tender said the Argentinian firm would accept a basket of crudes with certain grades, including Nigeria’s Forcados, Bonny Light, Bonga, Escravos, Brass River or Erha, Azerbaijan’s Azeri Light or Troll from the North Sea.
The South American country, which produces roughly 700,000 barrels per day of crude oil according to the U.S. Energy Information Administration, lifted restrictions on crude oil imports last year.