LONDON, Nov 17 (Reuters) - Mediterranean crude grades were diverging according to sulphur content on Monday, according to traders, with sweet grades, including Azeri BTC and Algerian Saharan Blend, firming and sours weakening.
* Azeri BTC is firming on strong refinery profit margins for diesel in particular. Diesel-rich BTC has firmed to around dated Brent +$3.50 CIF, one trader said.
* Algerian Saharan Blend has firmed to around dated Brent plus $1.00 FOB, the trader added.
* Meanwhile, sour grades are under pressure, amid firm availabilities of those grades.
* Iraqi Basrah Medium traded around a $1-per-barrel discount to the OSP, a trader said on Monday.
* CPC Blend is trading stable at around dated Brent minus 85 to minus 80 cents, a trader said.
PLATTS WINDOW
No bids or offers were reported to Reuters from the Platts window on Monday, for Urals, Azeri BTC or CPC Blend.
NEWS
U.S. oil major Chevron is studying options to buy global assets of sanctioned Russian oil firm Lukoil, five sources familiar with the process told Reuters on Monday.
Kazakhstan's state-owned oil and gas company KazMunayGas is in talks with Russian oil company Lukoil regarding Lukoil's assets in Kazakhstan, the head of the Kazakh company was quoted as saying by Russian state media.
Iraq's government is discussing seeking a six-month sanctions waiver from the U.S. Treasury Department for Lukoil to have more time to sell its stake in the giant West Qurna-2 oilfield, three Iraqi energy officials told Reuters on Monday.
All operations for the intake and transfer of Kazakh oil have resumed at Russia's Novorossiysk port, the Interfax news agency reported on Monday.
Algeria's state-owned energy company Sonatrach signed on Monday a contract with Chinese company Sinopec Guangzhou Engineering to build a hydrotreating and reforming unit to treat heavy naphtha at its Arzew refinery.
(Reporting by Robert Harvey in London; Editing by Vijay Kishore)
((Robert.Harvey@thomsonreuters.com;))
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