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Tue 18 Nov 2008, 08:19 GMT

Indian refiner sells 380-cst cargo


80,000-tonne fuel oil parcel is scheduled for loading in December.

India's Mangalore Refinery and Petrochemicals Ltd (MRPL) has sold a cargo of 80,000 metric tonnes of fuel oil for loading in December, Reuters reports.

The parcel of 3.5 percent sulphur 380-centistoke (cst) fuel oil is said to be scheduled for lifting between December 3rd and 5th from New Mangalore.

The sale was reportedly made to Japan's Petrosummit at a discount of $13.00 a tonne to Singapore spot 380-cst quotes, on a free-on-board (FOB) basis, according to industry sources.

MRPL's latest fuel oil deal follows tenders issued by the company in September for the sale of 130,000 tonnes of fuel oil and gas oil oil for lifting in October and November.

The tenders comprised of an 80,000-tonne cargo of 380-cst fuel oil for loading from New Mangalore on November 1st-3rd and a second tender for 50,000 tonnes of gas oil for lifting between October 10th and 12th.

MRPL is reported to have sold the 380-cst parcel at a discount of $2.25 a tonne to Singapore spot quotes.

Also in September, 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.

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