Aramco Launches Rare Oil Tenders as Iran War Disrupts Exports

Saudi Aramco has offered more than 4 million barrels of Saudi crude in rare tenders as the U.S.-Iran conflict disrupted exports from the Middle East, several traders said.

In a tender that will close at 5 p.m. Beijing time (0900 GMT) on Monday, Aramco offered 2 million barrels of Arab Heavy crude to load at the Ain Sokhna port of Egypt.

The loading date, subject to confirmation, is from March 10 to March 30, according to a tender document shared by the traders. The sale, on a free-on-board basis, is destined for Asia.

In a separate tender which closed on Sunday, Aramco offered 650,000 barrels of Arab Light crude on a cost-and-freight (CFR) basis, three traders said.

The delivery date for the cargo is to be decided, according to the tender document shared by traders. It also noted arrival will be based on voyage time from Yanbu port to respective discharge port of the customer.

"Subsequent to deal confirmation, the cargo will start loading from Yanbu and estimated time of arrival will be advised accordingly," the tender said.

Aramco 2222.SE is attempting to reroute some of its crude exports through the Red Sea port of Yanbu to avoid the Strait of Hormuz, where the risk of Iranian attacks has slowed shipping to a near halt.

Aramco sold 2 million barrels of Arab Extra Light crude to Japan's second-largest refiner Idemitsu Kosan 5019.T in a third tender, three traders said.

The cargo, sold on a CFR basis, was already on a vessel near Taiwan, two of them added.

Aramco and Idemitsu did not immediately respond to requests for comment.

(Reuters - Reporting by Siyi Liu in Singapore; Editing by Jamie Freed and Muralikumar Anantharaman)