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Tue 14 Oct 2008, 09:47 GMT

PSO buys 13 fuel oil cargoes


Oil marketer purchases up to 1.1 million tonnes via fuel oil tender.

Pakistan State Oil (PSO) is reported to have purchased thirteen 65,000-tonne fuel oil parcels via tender for delivery between October 2008 and January 2009, with the option to buy four more, according to market sources.

Pakistan's leading oil marketer issued the tender last month to originally purchase up to 1.17 million tonnes of high-sulphur fuel oil. The tender, which closed on October 7th and was valid until October 9th also included four optional 65,000-tonne cargoes for loading between December and January.

Oil cargo trader FAL Oil is said to have been awarded the tender to sell the 845,000 to 1.105 million-tonne cargoes of high-sulphur fuel oil at premiums of $23.50 a tonne to Middle East spot quotes on a cost-and-freight (C&F) basis to Karachi.

PSO's latest fuel oil purchase comes in the wake of domestic power shortages in the country, which even led to daylight saving measures being implemented earlier this year.

The company's previous tender issued in July was for the purchase of up to 910,000 tonnes of high sulphur fuel oil.

PSO is reported to have eventually bought ten 65,000-tonne cargoes between August and October with the option to purchase an additional 260,000 tonnes from September to November. The deal price was said to be at a $23 per tonne premium to Middle East quotes, on a cost-and-freight (C&F) basis, according to market sources.

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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