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Wed 26 Aug 2009 07:42

ENOC buys 380-cst fuel oil cargo


60,000-tonne parcel of 380-centistoke is scheduled for lifting in October.

India's Mangalore Refinery and Petrochemicals Ltd. (MRPL) has sold via tender a 60,000-tonne cargo of fuel oil for loading in October, Reuters reports.

The 380-centistoke (cst) parcel is due to be lifted from New Mangalore on October 2-4 after a deal was reportedly reached with UAE-based Emirates Oil National Co (ENOC) at a premium of around $1 per tonne to Singapore spot quotes on a free-on-board (FOB) basis.

Earlier this year, MRPL sold an 80,000-tonne cargo of 380-cst for March 12-14 loading to Petrodiamond at a discount of $2.00 per tonne to Singapore spot 380-cst quotes on a free-on-board (FOB) basis.

MRPL sold a similar-sized cargo of 380-cst for lifting on February 26th-28th to energy trading company Vitol. The parcel was also reportedly sold at a discount of $2.00 per tonne to Singapore spot 380-cst quotes on a free-on-board (FOB) basis.

Fuel oil market fundamentals have remained firm in the Middle East in recent months on reduced refinery runs, peak demand during the summer season and steady demand from the marine fuels sector. Power generation requirements in East Africa are have also been drawing product away from the Middle East.

With further production cuts forecast for this year, tight supply conditions are expected to continue.

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