Middle East refiner sells 380-cst cargo

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.

BP Vitol Saudi Arabia Jubail (SA)


		Heinrich Wegener & Sohn joins Global Ethanol Association German family-owned bunker firm joins industry body to support ethanol and methanol adoption.

		Second MSC ultra-large LNG dual-fuel boxship enters dry dock at Zhoushan Changhong International's Daishan Base receives 19,000-teu container vessel built for MSC.

		Deal signed to build four LNG-fuelled gas carriers Quartet of 175,000-cbm LNG vessels destined for Shell charter.

		Changhong International launches LNG container ships and tankers for MSC and Navios Chinese shipbuilder launches four vessels in the space of days, spanning LNG container ships and oil tankers.

		Norsepower and Cosco unit sign R&D agreement to advance rotor sail development Finnish wind propulsion firm and Chinese manufacturer deepen ties with dedicated research and development pact.

		H2SITE closes Series B round above €42m to scale hydrogen membrane technology Fresh capital secured as firm targets large-scale industrial deployment and expansion into Asian markets.

		MHI study points to cost reduction potential in India-to-Singapore green ammonia value chain Mitsubishi Heavy Industries analysis finds value chain optimisation could cut green ammonia costs.

		Yang Ming names third LNG dual-fuel boxship for Asia–North Europe service YM Wayfinder joins two sister vessels already operating on LNG on the FE3 route.

		Flex Commodities appoints Milind Homkar as trade controller Dubai-based trader brings in finance and audit specialist to lead trade control function.

		Safe Bulkers launches first methanol dual-fuel bulk carrier at Chinese shipyard Greek dry bulk operator launches first methanol-powered vessel as part of its fleet renewal programme.