Indonesia puts sanctioned VLCC and its crude up for auction

Indonesia is moving ahead with an auction of the 28-year-old Arman 114 VLCC, along with its cargo of nearly 167,000 tonnes of light crude oil as a single lot. The auction, scheduled for December 2, carries a reserve price of about $70m. Bidders must deposit approximately $7m to qualify. Built in 1997, the 300,579 dwt …

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