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Thu 18 Sep 2008, 08:03 GMT

Indian refiner offers new cargoes


MRPL issues tenders for 380-cst and gas oil parcels for lifting in Oct-Nov.

India's Mangalore Refinery and Petrochemicals Ltd (MRPL) has issued tenders for the sale of 130,000 tonnes of fuel oil and gas oil oil for lifting in October and November, Reuters reports.

The 80,000-tonne cargo of 380-centistoke (cst) fuel oil is scheduled for loading from New Mangalore on November 1st-3rd. The second tender for 50,000 tonnes of gas oil of either 0.5 or 0.7 percent sulphur is for lifting between October 10th and 12th.

Both tenders will close on September 24th and will be valid until the next day, according to market sources.

Earlier this month, MRPL issued another tender for the sale of 80,000 tonnes of 380-cst fuel oil for loading on October 4th-6th from New Mangalore. It followed the sale in August of another 80,000-tonne cargo of 380-cst at a premium of approximately $1 to $1.50 a tonne to Singapore spot quotes.

This was the first time the Indian refiner had obtained a premium, rather than a discount, on the sale of a spot fuel oil cargo. Oil trading company B.B. Energy was reported to have been awarded the 380-cst cargo.

In July, when MRPL sold the same-sized cargo to Switzerland-based Glencore International AG, one of the world's largest suppliers of commodities and raw materials, the Indian firm was reported to have sold the fuel oil parcel at a discount of $16 to Singapore spot quotes.

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