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Tue 26 Aug 2008, 09:25 GMT

Indian firm offers 380-cst parcel


30,000-tonne fuel oil cargo is scheduled for loading in September.

India's Hindustan Petroleum Corp (HPCL) is offering a 30,000 tonne parcel of fuel oil for loading in September, Reuters reports.

The cargo of 4 percent sulphur and 0.998 density 380-centistoke (cst) fuel oil is scheduled for loading from between September 7th and 14th from HPCL's Mumbai terminal on the west coast of India.

Last month the company sold a 30,000-tonne cargo of 380-cst, of 4,0 percent sulphur and 0.998 density, for loading between August 23rd and 28th from its Vizag (or Visakhapatnam) terminal in the state of Andhra Pradesh, located on the east coast of the country. The parcel is said to have been sold to oil major Shell, according to market sources. Details of the sale have not been disclosed.

The Asian fuel oil market remains tight following Saudi Aramco's recent decision not to sell any spot fuel oil after its peak summer demand season, due to rising requirements from domestic utilities and new secondary refining units. Fuel oil exports from Iran have also reportedly been cut as the country builds stocks ahead of winter and due to a heavy fourth-quarter maintenance season.

As approximately 50 percent of Fujairah's fuel oil is said to originate from Iran, bunker suppliers at the Middle East's leading bunker port have been forced to search elsewhere for product. Earlier this month, Indian firm Essar Oil sold a 60,000-tonne cargo of fuel oil to oil trader and marine fuel supplier FAL Oil.

The 380-centistoke (cst) parcel is scheduled for loading on August 27th to 28th from the company's Vadinar refinery in Jamnagar, Gujarat, located on the west coast of India.

HPCL currently 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 the nation's second largest supplier of marine fuels after Indian Oil Corporation. It is also very active in the marine lubricants market, supplying to customers at all the major Indian ports.

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