ECONOMY

ELPE issues tender to buy Russian Urals crude cargo

Hellenic Petroleum (ELPE), Greece’s largest refiner, has issued a tender to buy an 80,000-ton cargo of Russian Urals crude oil for early June delivery, a trading source said, the first in months as its finances improve.

The tender was issued on Friday and closed late on Monday.

The payment will be on open credit terms, which means that the seller will cover the trade financing for the deal. Traders said it has been a long time since the refiner last issued a tender.

ELPE held a similar tender in June of last year. [Reuters]