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Wed 18 Feb 2009, 09:11 GMT

Indian firm offers two 380-cst cargoes


30,000-tonne fuel oil parcels are scheduled for loading in March.

State-owned Indian Oil Corporation(IOC) is said to be offering via tender two 380-centistoke(cst) fuel oil cargoes for loading next month, Reuters reports.

The parcels, both 30,000 tonnes in size, are scheduled to be loaded from Chennai on March 4-7 and March 20-23 respectively. The tender will close today, with bids remaining valid until Thursday.

In January, IOC reportedly sold two 30,000-tonne cargoes of 380-cst for lifting in February to oil major BP. The parcels were purchased at a discount of $12 per tonne to the IOC formula, according to traders.

The previous month, Emirates National Oil Co (ENOC) had achieved a larger discount - at between $16.50 and $17.50 per tonne to the IOC formula - when it purchased two 30,000-tonne cargoes of 380-cst for January loading from state-owned IOC.

Demand for fuel oil currently remains strong with tightening supplies. The increased buying interest has been sparked by cuts in refinery runs in the United States, which has led to a rise in demand in North America for European cargoes bound for Asia.

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.

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