SINGAPORE: Pakistan State Oil is set to buy up to 590,000 tonnes of oil products for delivery from November to January, about 30 per cent less than it had initially sought, industry sources said on Thursday.
PSO will likely buy six gasoline cargoes, five high sulphur fuel oil (HSFO) cargoes and one low sulphur fuel oil (LSFO) cargo to be delivered into the port of Karachi, they said.
The company earlier sought 455,000 tonnes of HSFO, 110,000 tonnes of LSFO and 280,000 tonnes of motor gasoline through a tender.
It last bought 260,000 tonnes of HSFO from Bakri Trading and Vitol at premiums of about $25 to $26 a tonne above Middle East quotes, and 280,000 tonnes of 87-octane gasoline from Gunvor, Trafigura, Total, Oman Trading and Gulf Petrochem at premiums of $93-$106 a tonne for September-December delivery.
The tender closed on Oct. 19 with offers valid until Oct 26.