Ship part

French TotalEnergies to ship crude from Abu Dhabi to Europe in rare move – sources

The TotalEnergies logo is seen on the skyscraper of the company’s headquarters in the La Defense business district in Paris, France, March 24, 2022. REUTERS/Benoit Tessier

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SINGAPORE, April 25 (Reuters) – A maritime unit of French firm TotalEnergies (TTEF.PA) has provisionally chartered a tanker to load Abu Dhabi crude for Europe in early May in a rare move, according to traders and a dispatch report Monday.

CSSSA, the maritime arm of TotalEnergies, chartered the suezmax tanker Moscow Spirit to load 1 million barrels of Murban crude from the port of Jebel Dhanna in the United Arab Emirates to the United Kingdom from May 1 to 3 at a worldwide rate of 60 points, the shipping report showed.

The arbitrage window for Middle Eastern crude to head to Europe has opened after European buyers shunned Russian oil following Moscow’s invasion of Ukraine, which the Russia calls it “a special operation”. Read more

More crude shipments from Abu Dhabi are expected to head to Europe in the coming months, possibly diverting some supplies from Asia, as the European Union prepares new sanctions on Russian oil imports , traders said.

Russia is Europe’s largest oil supplier, supplying 26% of the oil imported by the EU in 2020.

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Reporting by Florence Tan; Editing by Himani Sarkar

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