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Fri 25 Jun 2010, 08:18 GMT

Oil firm issues fuel oil tender


Prompt cargoes expected to be used for bunker deliveries rather than power generation.

Pakistan State Oil (PSO) has issued a tender to purchase 65,000 tonnes of fuel oil, according to industry sources.

Pakistan's leading oil marketer is understood to be seeking 30,000 tonnes of 380-centistoke (cst) fuel oil, 10,000 tonnes of low sulphur 380-cst and 25,000 tonnes of high sulphur 180-cst for delivery next month to its FOTCO (Fauji Oil Terminal and Distribution Co. Ltd.) Terminal in Karachi.

The tender is due to close on Tuesday, June 29th and will be valid until Friday, July 2nd. Price quotes from suppliers are likely to be on a cost-and-freight (C&F) basis.

The three prompt cargoes are expected to be used in the marine fuels market rather than for power generation purposes.

PSO is said to act as an intermediary for the supply of bunker fuel to the country's national shipping company Pakistan National Shipping Corporation (PNSC) as well as to Pakistan's navy.

In order to meet power generation demand, PSO typically purchases 500,000-600,000 tonnes of fuel oil per month from Middle East suppliers such as Sharjah-based FAL Oil and Saudi Arabia's Bakri International Energy Co. Ltd..

Earlier this week, PSO bought 12 cargoes of 65,000 tonnes for July-September delivery to the FOTCO Terminal, Karachi.

The state oil company was reported to have acquired the parcels from FAL, Bakri and Trafigura at premiums of approximately $15.00-$16.00 per tonne to Middle East spot quotes, on a cost-and-freight (C&F) basis.

PSO also recently purchased two 60,000-tonne cargoes of low sulphur fuel oil for August-September delivery to Karachi, from regular cargo supplier FAL.

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