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Fri 30 Jan 2009, 09:11 GMT

Supply deal for 800,000mt of fuel oil


Indian refiner said to be close to agreeing deal for ten 80,000-tonne cargoes.

India's Mangalore Refinery and Petrochemicals Ltd (MRPL) is said to be close to agreeing a deal with Emirates National Oil Co (ENOC) for the supply of 1.32 million tonnes of oil products, including 800,000 tonnes of fuel oil, Reuters reports.

The Indian refiner, which is a subsidiary of Oil and Natural Gas Corporation Ltd. (ONGC) is also reportedly planning to supply 400,000 tonnes of gas oil with 1 percent sulphur content and 120,000 tonnes of jet fuel.

The supply deal, if successful, would be the first time that MRPL would be selling fuel oil on a term basis to ENOC, market sources said.

It would involve the sale of ten 80,000-tonne fuel oil cargoes at a discount of between $2.80 and $2.85 per tonne to the monthly average of Platts Singapore high sulphur fuel oil quotes.

Earlier this month, MRPL sold an 80,000-tonne cargo of 380-centistoke (cst), which is due to be lifted from New Mangalore on February 26th-28th after the sale was reportedly made to energy trading company Vitol at a discount of approximately $2.00 per metric tonne to Singapore spot 380-cst quotes on a free-on-board (FOB) basis.

MRPL also sold a similar-sized cargo to Vitol in December. The 3.5 percent-sulphur parcel of 380-cst fuel oil was scheduled for loading between January 26th and 28th, also from New Mangalore. Vitol reportedly bought 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.

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