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Mon 9 Feb 2009, 08:09 GMT

Asian refiner offers 380-cst cargo


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

India's Mangalore Refinery and Petrochemicals Ltd (MRPL) has issued a tender for the sale of 80,000 tonnes of fuel oil for lifting in March, Reuters reports.

The 380-centistoke (cst) cargo is scheduled for loading from New Mangalore on March 12th-14th.

The first part of the tender closes on February 10th, whilst the second part closes on February 11th. Bids will be valid until February 11th.

Last 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.

The Asian fuel oil market is expected to be tight over the coming period following strong demand in the United States for European cargoes bound for Asia, traders said. The increased buying interest has been sparked by cuts in refinery runs in the United States.

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