The Chinese Government Reserves Administration said yesterday that it will auction about 7.38 million barrel of crude oil of its reserves that did not pass through customs clearance, mostly from the Middle East, on September 24 in the first round of rare sales of its reserves, CNBC Arabia reported.
The National Food and Strategic Reserves Administration said last week that it would put crude oil reserves on the market in phases to help achieve price stability.
The quantities offered in the first sale round were divided into five batches, the first being 951,000 barrels of Qatari marine crude, about 1.1 million barrels of Fortis blend crude from the North Sea, more than 1.79 million barrels of Omani crude, more than 2.95 million barrels of Murban and 592,000 barrels of crude. Upper Zakum, and the last two crudes from Abu Dhabi.
The administration said in a note that auction participants must abide by the national refining policy and obtain sufficient import quotas to obtain the crude that has not yet obtained customs clearance, adding that any quantities purchased in the auction are not suitable for resale.
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