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UPDATE 1-China to auction 7.38 mln bbl of crude from state reserves on Sept 24

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(Adds detail, background)

BEIJING, Sept 14 (Reuters) - China's state reserves administration said on Tuesday it would auction around 7.38 million barrels of bonded crude oil, mostly from the Middle East, on Sept. 24, marking the first round of sales in a rare release of strategic inventories.

The National Food and Strategic Reserves Administration last week said it would release crude oil reserves to the market in phases to help stabilise prices.

The volumes on offer in the first sales were broken down into five batches - 951,137 barrels of Qatar Marine crude, almost 1.1 million barrels of Forties Blend from the North Sea, more than 1.79 million barrels of Oman crude, more than 2.95 million barrels of Murban and 592,031 barrels of Upper Zakum.

The last two grades are both Abu Dhabi crudes.

Bidders must comply with national refining industry policy and have sufficient import quotas to take the bonded crude, the administration said in a notice. Any volumes purchased at auction were not for resale, it added. (Reporting by Beijing Newsroom; writing by Tom Daly; editing by Jason Neely)