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Tue 26 Aug 2008, 10:42 GMT

MRPL sells 80,000mt fuel oil cargo


380-cst parcel is sold by Indian refiner at a premium for the first time.

India's Mangalore Refinery Petrochemicals (MRPL) has successfully completed the sale of an 80,000-tonne cargo of 380-centistoke (cst), Reuters reports.

The fuel oil cargo has reportedly been awarded to oil trading company B.B. Energy at a premium of approximately $1 a tonne to Singapore spot quotes. This is the first time the Indian refiner has obtained a premium, rather than a discount, on the sale of a spot fuel oil cargo.

The 380-cst parcel is scheduled for loading in September, according to market sources.

Last month, MRPL sold an 80,000-tonne parcel of fuel oil to Switzerland-based Glencore International AG, one of the world's largest suppliers of commodities and raw materials. The parcel, which was scheduled for loading between August 22nd and 24th from New Mangalore, was sold at a discount of $16 to Singapore spot quotes according to market sources.

The refiner also sold a similar-sized cargo for loading from its Mumbai terminal on August 8th to 10th at a disount of US$25 FOB basis.

MRPL is located at Katipalla, north of Mangalore city. It is a state-of-the-art grassroots refinery at Mangalore with a production capacity of 190,000 barrels per day (bpd).

The company is a subsidiary of Indian petroleum firm Oil and Natural Gas Corporation Ltd. (ONGC).

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