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Wed 25 Jun 2008, 11:18 GMT

HPCL sells 30,000mt cargo of 380cst


Indian oil firm concludes sale of fuel oil cargo for lifting in July.

India's Hindustan Petroleum Corp (HPCL) has concluded the sale of a 30,000 tonne parcel of heavy fuel oil for loading in July, Reuters reports.

The 30,000 tonne cargo of 4 percent sulphur and 0.998 density 380-centostoke (cst) fuel oil was reportedly sold to oil major BP following the issue of a tender by HPCL which closed on June 18th.

The cargo will be lifted between July 17th and 19th from HPCL's Vizag (or Visakhapatnam) terminal in the state of Andhra Pradesh, which is located on the east coast of India.

The parcel is understood to have been sold at a discount of US$25 on a free-on-board (FOB) basis, according to market sources.

Last month HPCL was reported to have sold 90,000 metric tonnes of 4 percent sulphur and 0.998 density 380-centistoke (cst) fuel oil for loading between the months of June and August. The refiner also sold a similar-sized cargo last week for loading from its Mumbai terminal on August 8th to 10th at a disount of US$25 FOB basis.

HPCL is India's second largest integrated refining and marketing oil company. It operates two refineries in Mumbai and Vishakapatnam, which produce a variety of petroleum fuels & specialties. The company also owns and operates the largest lube refinery in India, which accounts for over 40 percent of the country's total lube base oil production.

HPCL is very active in the marine lubricants market and is the second largest supplier of bunker fuel in the country after Indian Oil Corporation (IOC).

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