Taiwan's CPC seeks more term WTI crude on Argus pricing
State-controlled Taiwanese refiner CPC has issued a new term tender to buy US West Texas Intermediate (WTI) crude, and has again requested a pricing formula using Argus' WTI Houston benchmark.
The term tender seeks 2mn bl/month (67,000 b/d) of WTI crude for delivery to Kaohsiung or Shalung in Taiwan between March and December 2020.
The crude should be priced on a fixed differential to Dated Brent plus Argus WTI Houston and estimated freight costs, after adjusting for Ice Brent settlement and Argus' Dated-to-Frontline (DFL) assessment.
Offers must be submitted by 7 November and remain valid until 14 November.
CPC awarded its first term tender to buy WTI in October last year, taking 2mn bl/month between February and June 2019. CPC has also been buying 2mn-6mn bl (67,000-200,000 b/d) a month of WTI crude through monthly spot tenders in the past year.
source: Argus Media
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