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Thu 20 Aug 2009, 11:08 GMT

Middle East refiner sells 380-cst cargo


80,000-tonne parcel is expected to remain within the region to service Middle East demand.

Saudi Arabian refiner Saudi Aramco has sold an 80,000-tonne cargo of 380-cst fuel oil for lifting from Jubail in September, according to industry sources.

The fuel oil cargo is reported to have been sold to Vitol at a premium of $1-$2 per tonne to Singapore spot quotes, on a free-on-board (FOB) basis.

The deal price is higher than a discount of approximately $4 per tonne Vitol paid for a similar-sized cargo loading tomorrow.

Previously, oil major BP purchased a cargo for lifting on August 9th at a small discount to Singapore spot quotes, FOB.

Shell is said to have paid around $4.50 per tonne to Singapore spot quotes, FOB, for a parcel that loaded on July 27th.

According to market sources, Saudi Aramco's cargo is expected to remain in the Middle East region as demand continues to hold firm mainly due to peak demand during the summer season. Power generation requirements in East Africa are have also been drawing product away from the Middle East.

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