04 Oct '11, 5am

Shell Singapore offers to pay for cargoes it can't deliver due to Pulau Bukom refinery fire last week

Shell Singapore offers to pay for cargoes it can't deliver due to Pulau Bukom refinery fire last week

Royal Dutch Shell has offered to pay for at least two cargoes the oil major is unable to deliver because of a fire at its refinery in Singapore last week, industry sources said on Tuesday. -- PHOTO: REUTERS SINGAPORE (REUTERS) - Royal Dutch Shell has offered to pay for at least two cargoes the oil major is unable to deliver because of a fire at its refinery in Singapore last week, industry sources said on Tuesday. Shell will pay BP Plc and JPMorgan for one cargo of middle distillates each, under an agreement known in the industry as book-out. As Shell is unable to deliver, it will effectively buy back the cargoes. Typically, such book-out deals involve an additional premium the seller has to pay for not meeting the commitment. Please enable JavaScript to view the comments powered by Disqus. blog comments powered by Disqus

Full article: http://www.straitstimes.com/The-Big-Story/The-Big-Story-3...

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