Bloomberg – Malaysia’s Petronas Raises Tapis Crude Price Factor to Record for January


Dateline 2011-01-11:

Petroliam Nasional Bhd., Malaysia’s state oil company, raised a price-adjustment factor for its benchmark Tapis crude to a record for a fifth month as processing profits increased.

Petronas, as the Kuala Lumpur-based company is known, set the factor at $7.80 a barrel for January, up 30 cents, or 4 percent, from December, said an official today, asking not to be identified because of corporate policy. The factor averaged $3.84 last year and 59 cents in 2009.

The increase follows rising profits for refiners turning light crude such as Tapis into gasoil, or diesel. Gasoil’s premium to Dubai crude, known as the crack spread, was at $14.03 a barrel today, from $12.81 at the end of last month, according to PVM Oil Associates Ltd., a brokerage.

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