Thailand PTT buys Nigerian, Colombian crudes in rare move

Thai energy firm PTT has bought crude oil from Nigeria and Colombia, origins it does not normally turn to, a source with direct knowledge of the matter said on Wednesday.

A drop in Brent’s premium against Middle East’s Dubai to near-four-year lows has opened up an arbitrage window for Brent-linked grades produced in other regions to enter Asia.

PTT has bought a partial cargo of Colombian Castilla crude and a cargo of Nigerian Qua Iboe, which will arrive in September, the source said.

Besides PTT, Taiwan’s Formosa Petrochemical has also bought a cargo of Angolan Girassol in a rare move.