March 29, 2008	Saturday	Rabi-ul-Awwal 20, 1429

SINGAPORE, March 28: Pakistan State Oil tendered to buy 390,000 tons of high-sulphur diesel and jet fuel for end-April to July supply, up from 220,000 metric tons bought for February to April, a company source said on Friday.

Higher imports into Pakistan will help buoy prices in Asia, already shored up by strong demand from China, India, Indonesia and Vietnam.

PSO sought four 10,000-ton cargoes of jet fuel, with the first delivery on April 21-23 and the rest for the May-July period. It sought seven 50,000-ton cargoes of 0.5 per cent gas oil for May to July supply.

“It is because of stronger demand that PSO needs to seek more supplies,” the PSO source told Reuters via telephone from Karachi.

The cargoes were for delivery into either Port Qasim or Keamari and the tender closes on April 8, followed by two days of validity.

PSO has asked the bidders of gas oil to quote prices for product deliveries at both the ports. It said that the suppliers can be asked to deliver any of these products at any of the port.

PSO’s previous tender purchase for February to April supply, comprised 20,000 tons of jet fuel and 200,000 tons of gas oil.

Gas oil’s April/May swaps backwardation is at an all-time peak of $2.65 a barrel, in part because of tighter regional supply.