PETCO Sells Its First Kimanis Light Sweet Crude Oil Cargo On DME Auctions Platform

Dubai Mercantile Exchange (DME) announced that PETCO has successfully sold 600,000 barrels of Kimanis Light Sweet crude on the “DME Auctions” platform.  PETCO is now the first non-Middle Eastern producer to use the auctions platform.

17 participants representing different companies submitted 10 bids during the 2 minutes window, and the 600,000 barrels cargo was awarded at a premium of 4 cents over the floor price set by PETCO