Thu 22 Jan 2009, 09:28 GMT

Indian firm sells 380-cst fuel oil cargoes


Two 30,000-tonne parcels are sold via tender for delivery in February.



State-owned Indian Oil Corporation (IOC) has sold two 30,000 metric tonne cargoes of fuel oil via tender for delivery during the month of February, Reuters reports.

The two parcels of 380-centistoke (cst) fuel oil with 4.5 percent sulphur are scheduled for loading from Chennai on February 4-7 and February 19-22.

The cargoes are reported to have been sold to oil major BP at a discount of $12 per tonne to the IOC formula, according to trading sources. The price represents a lower discount compared to other recent 380-cst tenders.

In previous deals IOC sold two 30,000-tonne parcels of 380-cst fuel oil for loading in January at between $16.50 and $17.50 per tonne to the IOC formula. Emirates National Oil Co (ENOC) was reported to be the purchaser of the cargo.

In November 2008, the discount was said to be around $20 per tonne to Middle East spot quotes when IOC sold a 30,000 metric tonne cargo of 380-cst fuel oil to Trafigura, one of the world's largest independent commodity trading companies.

IOC operates refineries in Assam, Gujarat, West Bengal, Uttar Pradesh, Madras and Bihar and is the leading provider of fuel oil for the bunker market, supplying both marine fuel and lubricants to customers in all major Indian ports.

The company sold 58.3 million tonnes of petroleum products during 2007-08, registering a 8.7% growth in volumes as compared to the previous year.


Steel-cutting ceremony for bunker vessel. Maritima holds steel-cutting ceremony for Cap Morgiou, first of two Petroineos bunker vessels  

Construction starts on bunker vessel able to carry conventional and low-carbon marine fuels, with delivery expected in early 2028.

MPA and SIBCON 2026 logos. Singapore launches series of measures at SIBCON 2026  

MPA announces LNG storage licences, digital bunkering grants and electric harbour craft incentives at 24th conference.

SIBCON 2026 pre-conference event. VPS outlines marine fuel standards and quality data at SIBCON 2026  

VPS's Rahul Choudhuri addresses Singapore's evolving fuel standards and the quality of conventional fuels and biofuels.

MPA and Enterprise Singapore logos. Singapore launches ammonia bunkering code and new standards for fuel sampling and polymer testing  

MPA and Enterprise Singapore introduce one standard and two technical references at SIBCON.

MPA, CMA CGM and SLNG sign MoU. MPA, CMA CGM and SLNG sign MoU to explore liquefied biomethane as a marine fuel in Singapore  

Three-way agreement will examine certification, supply and bunkering of LBM using Singapore's existing LNG infrastructure.

ROC logo. ROC wins order for PSVs featuring replaceable containerised battery system  

Nantong Rainbow Offshore secures 1+1 contract for 4,000 DWT platform supply vessels.

Alisios vessel. Axpo completes first LNG bunkering in Valencia, with over half bio-LNG  

Ship-to-ship transfer to a container vessel makes Valencia the company's fourth Spanish port for LNG bunkering.

Christening ceremony of Makua vessel. Matson christens Makua, first of three LNG-ready Aloha Class container ships  

Dual-fuel vessel, due for delivery in early 2027, is the first of three ships worth around $1bn.

CMB.Tech logo. CMB.Tech seeks Singapore-based ammonia operations manager for Asia Pacific  

New hire will oversee ammonia chartering and bunkering and liaise with Far East partners.

Lumi Aurora vessel. IINO Lines deploys first Ice Class IB VLGC on long-term charter to Borouge International  

LPG-fuelled Lumi Aurora will carry North American gas to Borouge International's Porvoo plant in Finland.