LONDON- The International Exchange signed memorandums of understanding with Chevron, Trafigura and Occidental Petroleum to use the new Murban oil futures as a price point for U.S. crude sales to Asia, the president of ICE Futures Europe said.
“We’re starting to see interest from not just Middle East crude exporters to Asia but we’re seeing other firms, particularly those exporting light sweet crude pay attention,” Stuart Williams, president of ICE Futures Europe, told the ADIPEC conference on Tuesday.
“We’ve reached agreement with three key U.S. exporters … that are exploring the use of Murban to export U.S. barrels.”
ICE said in a separate statement on Tuesday it planned to launch ICE Futures Abu Dhabi (IFAD) and trading in Murban crude oil futures contracts on March 29.
Murban futures will be a physically delivered contract with delivery at Fujairah in the United Arab Emirates on a free on board basis (FOB), complemented by a range of cash settled derivatives, the statement said.
(Reporting by Julia Payne and Dmitry Zhdannikov; Editing by Louise Heavens and Edmund Blair) ((julia.payne@thomsonreuters.com; +44 207 542 1836;))
