Tue 21 Jan 2014 15:22

Chinese firm secures 80,000-tonne 380 cst cargo


Parcel is scheduled to be loaded in February.

PetroChina has won a tender to purchase 80,000 tonnes of 380 centistoke (cst) high-sulphur fuel oil from India's Mangalore Refinery and Petrochemicals Ltd. (MRPL), ICIS reports.

It is the second time this month that MRPL has awarded a sell tender to PetroChina. The cargo is scheduled for loading from New Mangalore on 25-27 February.

The Chinese firm won the bidding at premiums of $2.50 - $3.00 per tonne to the mean price of 380 cst fuel oil free-on-board (FOB) Singapore, according to a Singapore-based trader.

The agreed price is at a similar level to the previous tender between MRPL and PetroChina for 80,000 tonnes of fuel oil, which is due to be lifted on 9-11 February.

MRPL is owned by Oil and Natural Gas Corporation Ltd. (ONGC). The Indian refinery has a design capacity to process around 15 million metric tonnes per annum and is the only refinery in India to have 2 hydrocrackers producing premium diesel (high cetane).

Before it was acqured by ONGC in March 2003, MRPL was a joint venture between M/s Hindustan Petroleum Corporation Limited (HPCL) and M/s IRIL & Associates.
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