Nigeria’s Nembe Creek oil pipeline resumes, Angolan trade slows


LONDON, March 12 – The Nembe Creek Trunk Line in Nigeria was back online after a Feb. 28 explosion, while trade in Angolan cargoes has slowed this month as demand in key East Asian markets weakened.

* The pipeline, one of two major lines transporting Bonny Light crude oil, was shut on Feb. 28.

* Operator Aiteo said on Tuesday that the cause was an explosion and that operations resumed on Mar. 7.

* A trading source said delays were minimal and that the stoppage slowed down a purchased crude cargo by just one day.

* 12 cargoes of Angolan crude remained for March loading, a trading source said.

* Another trader said prices were liable to fall due to weak demand from Angola’s key markets in China and East Asia.

* Unipec has purchased a cargo of Kissanje for less than dated Brent plus $1 a barrel from BP, which had initially been offered at $1.30 a barrel.

* Gindungo was offered at a differential of 40 cents above dated Brent and Nemba at 70 cents, a trading source said.

* India’s IOC issued a new buy tender for May 1-10 loading. The tender closes on March 14.

* Uruguay’s ANCAP has issued a buy tender closing March 13 for May 15-20 arrival. (Reporting by Noah Browning; Editing by Jan Harvey) ))

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.


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