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Fri 10 Aug 2012, 10:07 GMT

Utility purchases two fuel oil cargoes


Two 30,000-tonne fuel oil cargoes are scheduled for delivery in August-September.

National electricity firm Korea Western Power Co. Ltd. (KOWEPO) has purchased two cargoes of fuel oil for delivery between August and September, Reuters reports.

The utility ordered a total of 60,000 tonnes of high sulphur fuel oil via a tender process, which closed on Thursday, August 9.

The first 30,000-tonne parcel is scheduled to arrive at the Pyong Taek Power Plant in Gyeonggi province, located north-west of the country, on August 27-31, and a cargo of the same size is due for delivery on September 6-10, also at the Pyong Taek Power Plant.

The fuel oil ordered is understood to contain maximum 2.59 percent sulphur and is said to have been purchased from Mitsui & Co Ltd. at premiums of around $32-$33 per tonne over Singapore spot prices on a cost-and-freight basis.

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.

Deal   Republic of Korea  Pyeongtaek (KR) 
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