March 20, 2019 / 4:29 PM / a month ago

W. Africa Crude-Sonangol said to finalise May cargo term deals

LONDON, March 20 (Reuters) - Angolan state oil company Sonangol has finalised its term sales of May-loading crude cargoes, traders said on Wednesday, days after the loading programme was released.

Nigerian loading programmes for May began to appear, against the backdrop of a sizeable overhang of April cargoes.

ANGOLA

* Around four to five Angolan cargoes remain for April loading, a few less than estimated on Tuesday. The preliminary programme for May lists 48 cargoes.

* Sonangol has finalised its May cargo term deals in which it has allocated three to Unipec, seven to Sinochem and two to Indian Oil Corp., a trade source said.

In addition, the company sold three cargoes on a spot basis before the programme was issued and is keeping a Hungo cargo for its own refining system, the source said.

It was not possible to confirm these details with Sonangol.

NIGERIA

* Between 20 and 25 cargoes remain for April loading.

* May programmes started to be issued. The Qua Iboe stream will load nine cargoes in May, up from eight originally planned in April, a trade source said.

* Qua was last heard to be offered at dated Brent plus $2, but traders expected differentials to fall on ample supply.

* In a separate development, Nigeria’s NNPC has issued its 2019-2020 crude-for-product swap tender, the state-owned oil company said on Wednesday.

TENDERS

* Indian refiner HPCL’s tender to buy two cargoes loading on May 1-15 closes on Wednesday.

* Indian Oil Corp.’s tender to buy crude loading on May 7-16 also closes on Wednesday. (Reporting by Alex Lawler Editing by Kirsten Donovan) ))

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