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Refiner and bunker supplier Indian Oil Corporation Ltd. (IOC) has sold a 30,000-tonne parcel of fuel oil for loading at the end of November, Reuters reports.

The state-owned firm is said to have reached a deal with Westport Petroleum International for the sale of the 380-centistoke (cst) cargo, at a discount of $11-$13 per tonne for Singapore spot quotes, on a free-on-board (FOB) basis.

The parcel is due for lifting on November 24-27 from the company's terminal at Channi, located on the southeast coast of India.

IOC previously sold a similar-sized cargo to Westport Petroleum for loading on October 4-7. On that occasion the deal price was reported to be at a discount of $5-$6 per tonne to Singapore spot quotes, FOB.

Fuel oil stocks in Singapore, the world's leading bunker port, have risen to their highest level in nine weeks to 3.22 million tonnes, reflecting a period of ample supplies with lower-than-expected demand, according to market sources.

IOC announced in May 2009 that it had commenced supplying 380-cst to ships calling at the port of Chennai.

The company is utilizes 380-cst product from the 185,000 barrels-per-day (bpd) Manali Refinery, Chennai, which is operated by its subsidiary Chennai Petroleum Corporation Ltd (CPCL).

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.