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Gasoline benchmark refining margins in northwest Europe were stable on Friday despite crude prices ending the week firmer on hopes of an extended Opec-led supply curb. European refineries processed 3.9 percent more crude oil in April than a year earlier, Euroilstock data showed. Total crude intakes by refineries reached 10.3 million barrels per day (bpd), 0.4 percent lower than the previous month.
South Africa, a net importer of refined oil products, is looking to West Africa and the Middle East, including Iran, for potential partners on a new refinery project, energy ministry officials said on Friday. Gasoline stocks at Europe's ARA hub rose to 1.046 million tonnes from the prior week's 1.021 million tonnes as export volumes to the United States and West Africa slowed.
Nigeria's state oil company is in the final stage of signing $6 billion worth of deals to exchange more than 300,000 barrels per day (bpd) of crude oil for imported gasoline and diesel, sources said. Glencore is moving into Mexico's newly opened up transport fuel markets with a retail station franchise and fuel supply deal with station owners' group Corporation G500 SAPI, it said.
Around 400,000 tonnes of gasoline and blending component are expected to head from northwest Europe to China in May, a marked increase from the previous months, traders said. US gasoline stocks fell by 413,000 barrels last week, less than expected. A fire broke out at Total's 230,000 bpd Leuna oil refinery in Germany, according to local media reports.
Gunvor sold to Vitol one barge of benchmark Eurobob gasoline in the afternoon trading window at $543 a tonne fob ARA compared to $534 a tonne on Thursday. Elsewhere, 8,000 tonnes changed hands at $539-$542 a tonne fob Amsterdam-Rotterdam, up from the previous session's range of $522-$536.

Copyright Reuters, 2017

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