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Vitol to Purchase Sterling crude oil

By on November 9, 2011

Vitol, an Independent energy trader has entered into a long-term purchase agreement with Sterling Oil Trading and Sterling Oil Exploration for their new Nigerian crude oil production. The deal is estimated at 10,000 barrels per day (bpd) and is expected to grow to 25,000 (bpd) by the end of next year.

Sterling Global Oil Resources is part of the Sandesara Group, a diversified company with interests in oil and gas and oil trading, among others.

This agreement includes a pre-payment and long-term purchase agreement with Sterling Oil Trading and Sterling Oil Exploration, part of Sterling Global Oil Resources.

Increasing supply of light, sweet crude, partly due to the restart of supplies from Libya, has been weighing on Nigerian differentials. The Angolan crude, by contrast, traded out quickly for December and is mostly sold.