The company purchased three cargoes of Qatar’s Al-Shaheen grade and at least one of Abu Dhabi’s Upper Zakum. — Bloomberg
BERN: Glencore Plc has emerged as an active buyer of spot oil cargoes from the Middle East this month, as the merchant starts procuring crude for the Bukom refinery in Singapore, according to traders.
According to the traders who wished to speak on the condition of anonymity, the company purchased three cargoes of Qatar’s Al-Shaheen grade and at least one of Abu Dhabi’s Upper Zakum.
The shipments will load in February, they added, and can arrive in Asia the same month, or in March.
Glencore has been gearing up for a bigger role in the physical oil market after acquiring the Bukom refining and chemicals complex from Shell Plc earlier this year with Indonesia’s PT Chandra Asri Pacific. The refinery includes a 237,000 barrel-a-day crude distillate unit.
A spokesperson for Glencore declined to comment on the matter.
Glencore has recently hired Aditya Ravavarapu from BP Plc to lead its Asian oil trading team, Bloomberg reported last week. — Bloomberg
