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Wed 25 Apr 2012, 13:13 GMT

Indian refiner sells 380-cst cargo


380-centistoke parcel is scheduled for lifting from northwest Indian port in May.

Indian refiner Essar Oil has sold a 380-centistoke (cst) fuel oil cargo for lifting next month.

The parcel, which is due to be lifted from Essar Oil's Vadinar terminal, is reported to have been sold to leading energy trading company Vitol S.A. at a premium of $5.00-$7.00 per tonne above Middle East spot quotes on free-on-board (FOB) basis.

The latest deal price is higher than a previous lot due for lifting in late April, which it sold to Middle East fuel oil trader Bakri at a premium of $3.00-$5.00 per tonne.

Essar's refinery in Vadinar is able to produce 10.5 million tonnes per annum and is ideally located on India's West Coast in close proximity to the crude rich Gulf States. The company sells around 120,000-180,000 tonnes of fuel oil a month via spot tenders.

Vadinar is an all-weather deep-draft natural port and over 60 percent of India's crude imports land in and around this region.

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