TMX crude active ahead of line fill: Correction

Corrects price of cargo in second paragraph.

A second cargo of Access Western Blend (AWB) has been heard sold to an Asia-Pacific buyer this week as Canada's long-delayed Trans Mountain Expansion (TMX) pipeline nears an expected second quarter start.

Unipec, the trading arm of state-owned Sinopec, was heard buying a 550,000 bl AWB cargo from TMX for June arrival, which was sold at less than $4.50/bl under August Ice Brent, though this could not be confirmed directly by Argus.

Earlier this week Sinochem was heard buying another 550,000 bl AWB cargo for June arrival at a $5/bl discount to August Ice.

Both cargoes were priced on a delivered ex-ship (des) basis, according to market sources.

The two cargoes represent a win for Canada's oil sands producers, who have been targeting a direct link to customers in Asia-Pacific. Heavy crude from Canada has previously had to travel through the US where it is re-exported at the US Gulf coast.

The federally-owned TMX line is still targeting an in-service date within the next three months, Trans Mountain's chief financial and strategy officer Mark Maki said on Wednesday.

Trans Mountain in late February made a call for a combined 4.2mn bl of crude from shippers starting in April as it prepares to fill the new pipeline, according to Canadian producer MEG Energy, a committed shipper on the line.

By Scott Phillips