PSO logo — File Photo
PSO logo — File Photo

SINGAPORE: Pakistan State Oil is set to buy up to 1.14 million tonnes of oil products for delivery from September to December, about 12 per cent lower than it had initially sought, industry sources said on Thursday.

The state-owned firm's tender to buy up to 305,000 tonnes of 0.5 per cent sulphur gasoil attracted offers from five companies.

Total, Vitol, and Glencore put in the lowest offers with premiums ranging from $5.57 a barrel to $6.27 a barrel above Middle East quotes.

For high sulphur fuel oil, Bakri Trading is set to be awarded four cargoes and Trafigura one cargo. The premiums range from $25.92 a tonne to $26.49 a tonne above Middle East quotes.

Mercuria and Vitol are to be awarded a total of three cargoes of low sulphur fuel oil at premiums ranging from $98.00 a tonne to $109.34 a tonne above Middle East quotes.

Gulf Petrochem will likely be awarded five of eight 87-octane gasoline, while Total and Glencore might be awarded the rest.

The premiums range from $94.88 a tonne to $112.70 a tonne above Middle East quotes.  All premiums are on a cost-and-freight (C&F) basis.

The tender closed on Aug 29, with offers to stay valid until Sept 7.

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