Fri 7 Mar 2014 15:23

Utility purchases fuel oil cargo


50,000-tonne fuel oil cargo is scheduled for delivery at the end of this month.

National electricity firm Korea Western Power Co. Ltd. (KOWEPO) has agreed to purchase a cargo of fuel oil for delivery at the end of this month, industry sources report.

The utility ordered a total of 50,000 tonnes of high sulphur 540 centistoke (cst) fuel oil via a tender process. The parcel is scheduled to be delivered to Ulsan between March 27 and March 31.

The cargo is said to have been purchased from Hanwha at a cost and freight (CFR) premium of $2.95/tonne over the over the Singapore mean price of 180 cst fuel oil.

The fuel oil ordered is expected to be required to contain a maximum of 2.5 percent sulphur.

KOWEPO is a subsidiary of Korea Electric Power Corporation (KEPCO). The company generates and supplies electricity, providing electric energy to residential, commercial, and industrial customers. It manages thermal power stations, pumped-storage power plants, and combined cycle power plants in South Korea as well as serving international markets such as Philippines, Nigeria and India.
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