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Mon 12 Oct 2009, 10:20 GMT

Indian refiner offers 380-cst cargo


80,000-tonne fuel oil cargo is scheduled for lifting early November.

India's Mangalore Refinery and Petrochemicals Ltd (MRPL) is reportedly offering a cargo of 80,000 tonnes of fuel oil for loading next month, according to Reuters.

The 380-centistoke (cst) parcel is scheduled for lifting from New Mangalore on November 1-3.

The tender closes on Oct 13, with bids remaining valid until Oct. 14.

MRPL previously sold a 60,000-tonne cargo of fuel oil by tender towards the end of August to 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. The cargo was due to be lifted from New Mangalore on October 2-4.

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.

MRPL is located at Katipalla, north of Mangalore city. It is a state-of-the-art grassroots refinery with a production capacity of 190,000 barrels per day (bpd).

The company is a subsidiary of Indian petroleum firm Oil and Natural Gas Corporation Ltd. (ONGC).

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