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Fri 4 Jul 2008 10:32

PSO to buy 910,000 mt of fuel oil


Oil marketer issues tender to purchase high sulphur fuel oil between August and November.

Pakistan State Oil (PSO) has issued a tender to purchase up to 910,000 tonnes of high sulphur fuel oil for delivery between August and November, Reuters reports.

Pakistan's leading oil marketer is understood to be interested in buying ten 65,000 ton cargoes between August and October in the wake of domestic power shortages in the country. The company also has an option to purchase a further 260,00 tonnes from September to November.

PSO's latest tender comes at a time when demand for fuel oil in Asia is very low and the regional fuel oil market is finding it difficult to find outlets for arbitrage cargoes arriving from Europe and Latin America. Market sources therefore expect premiums for the PSO tender to be concluded at much lower levels than the previous tender.

Last month PSO awarded oil cargo trader FAL Oil a tender to supply 500,000 metric tonnes of low sulphur fuel oil to Pakistan. PSO will receive 10 cargoes of 50,000 tonnes of fuel oil between the months of June and September for delvery in Karachi. The cargoes will be 170-centistoke with 0.95 percent sulphur and 0.92 to 0.96 density.

Earlier this year, PSO also purchased 325,000 tonnes of high sulphur fuel oil for April to July delivery from FAL Oil and Bakri International Energy Co. Ltd.. The purchase price was understood to have been at a premium of $26-$29 a tonne to Middle East quotes on a cost-and-freight (C&F) basis.

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