Malaysia’s state energy company Petronas has sold 300,000 barrels of Labuan crude to Royal Dutch Shell at a premium of about US$9.50 a barrel to dated Brent. That is the highest premium since June 2011.
SINGAPORE: Asia-Pacific refineries are forking out multi-year high premiums for sweet crude produced in the region as alternative supplies from the West have become more expensive with the rise in shipping costs, say several trade sources.
Lower exports from Indonesia and Vietnam have also helped push up premiums for crude produced in Malaysia such as Labuan and Kimanis to the highest in years, they said.
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