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Venezuela's PDVSA offers 4 cargoes of heavy crude for March

Reuters

Kitco News

HOUSTON, Feb 26 (Reuters) - Venezuela's state-run oil company PDVSA has launched tenders to sell on the open market up to four cargoes of heavy crude for March delivery at its Jose and Puerto Miranda terminals, according to document seen by Reuters on Monday.

* The offers, which are unusual as PDVSA typically sells all its exports through long-term supply contracts, include two 600,000-barrel cargoes of Morichal 16 crude and two 200,000-barrel cargoes of Tia Juana Pesado (TJP) crude

* The Morichal 16 crude is for delivery March 1-23, and the TJP crude will be loaded on March 21-30

* Payment must be made in euros three days before the loading window, according to the tender's terms. The TJP crude must be exported to the U.S. West, East or Gulf Coasts, Northwest Europe or the Mediterranean. The Morichal crude can also be exported to Asia

* Bids will be accepted through Feb. 27, indexed to Brent crude front month prices

* PDVSA earlier this month offered to sell 2 million barrels of diluted crude oil (DCO), also for March delivery


(Reporting by Marianna Parraga; Editing by Susan Thomas)

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