PSO buys 1.275m tonnes of fuel oil
SINGAPORE: Pakistan State Oil (PSO) bought a total of 1.275 million tonnes of fuel oil for delivery over October to December, with monthly volumes about 15 per cent higher than the previous quarter on expectation of higher winter demand, said sources familiar with the matter.
PSO bought a total of fifteen 65,000 tonne high-sulphur fuel oil (HSFO) cargoes, comprising five with viscosities of 180-centistoke and the remaining 10 of 125-cst.
The 180-cst cargoes were bought at premiums up to 3pc higher than the last tender, ranging from $28.22 to $31.25 a tonne above spot Middle East quotes, while the 125-cst cargoes were bought at $32.22-38 a tonne above spot Middle East quotes.
Sellers included Vitol, Bakri Energy and PetroChina. PSO typically only buys the 125-cst grade during winter, traders said.
Published in Dawn, September 13th, 2014