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Fri 16 Apr 2010 07:56

South Korean refiner sells 30,000-tonne cargo


Leading refiner sells cargo of high-sulphur fuel oil for April-May delivery.

Leading South Korean refiner and bunker supplier SK Energy has sold 30,000-tonnes of fuel oil for delivery between April and May.

National electricity firm Korea Western Power Co., Ltd. is reported to have purchased the cargo of high-sulphur fuel oil via tender.

The deal price for the 2.59 percent maximum sulphur fuel oil is understood to have been $555 per tonne on a delivered duty paid (DDP) basis. Delivery of the 30,000-tonne lot is scheduled for April 29- May 4 from the Pyong Taek Power Plant in Gyeonggi province, located north-west of the country.

Korea Western Power Co., Ltd. (KOWEPO) is a subsidiary of Korea Electric Power Corporation (KEPCO). It operates five power plants and has an additional power plant under construction. The company serves domestic consumers as well as international markets such as Philippines, Nigeria and India.

The price paid for its latest cargo of high-sulphur fuel oil is $26 higher than the $529 per tonne KOWEPO paid for a 30,000-tonne parcel in February for March delivery, also from SK Energy.

During the same month, KOWEPO purchased a similar-sized cargo from Vitol at $492.30 per tonne on a cost-and-freight (C&F) basis.

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