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Mon 22 Dec 2008, 10:36 GMT

Indian firm sells 80,000mt fuel oil cargo


380-centistoke parcel is scheduled for loading in January.

India's Mangalore Refinery and Petrochemicals Ltd (MRPL) has completed the sale of an 80,000-tonne cargo of fuel oil to energy trading company Vitol, Reuters reports.

The 3.5 percent-sulphur parcel of 380-centistoke (cst) fuel oil is scheduled for loading between January 26th and 28th from New Mangalore. MRPL is understood to have sold the cargo at a discount of $5.70 to $5.90 per tonne to Singapore spot 380-cst quotes on a free-on-board (FOB) basis.

MRPL sold a similar-sized cargo of 3.5 percent sulphur 380-cst fuel oil in November for lifting between December 3rd and 5th from New Mangalore.

The sale was 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 was also reported to have sold a similar parcel of 3.5 percent sulphur 380-cst for loading between December 22nd and 24th.

The fuel oil cargo was purchased at a discount of $9 a tonne to Singapore spot 380-cst quotes, on a free-on-board (FOB) basis.

Demand for fuel oil in Asia has risen in recent weeks after China unveiled a major reform of its oil pricing system on December 5th, which is due to come into effect on January 1st 2009.

China plans to raise the consumption tax on several oil products to many times their current levels as part of the government's moves to promote energy efficiency. The decision has led to aggressive Chinese buying ahead of next month's fuel tax hike.

MRPL is a subsidiary of Oil and Natural Gas Corporation Ltd. (ONGC). Its refinery in Mangalore has a production capacity of 190,000 barrels per day (bpd).

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