PSO seeks 1.26mn T fuel oil, 120,000T jet A-1
SINGAPORE ( 2009-07-07 10:00:13 ) :Pakistan State Oil (PSO) has issued a tender to buy 910,000 tonnes of high-sulphur fuel oil (HSFO), 350,000 tonnes of low-sulphur fuel oil (LSFO), and 120,000 tonnes of jet fuel for August to November delivery, according to a tender document seen on Tuesday.
The tender closes on July 15, followed by two days of validity.
PSO requested twelve 65,000-tonne cargoes of HSFO, with an option to buy another two similar-sized cargoes, for delivery from August to October.
PSO sought five 50,000-tonne cargoes of LSFO, with an option to buy two more similar-sized cargoes, for delivery between September and November.
As for jet fuel, PSO sought six 15,000-tonne lots, with an option to procure two other similar lots, for August to November.
"Their demand is very strong," said a fuel oil trader.
PSO's strong fuel oil demand comes as the fuel oil crack spread in Singapore has risen to near one-month highs, hovering at minus $5.05 a barrel by Monday's close, supported by a tightening Middle East market.
The company last sought 390,000 tonnes of HSFO and LSFO for July to September supplies, as well as 67,500 tonnes of jet fuel for May to July delivery.
Copyright Reuters, 2009
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