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Mon 1 Sep 2008, 11:02 GMT

MRPL offers October 380-cst cargo


Indian refiner issues tender for 80,000 tonnes of fuel oil.

India's Mangalore Refinery and Petrochemicals Ltd (MRPL) has issued a tender for the sale of 80,000 tonnes of fuel oil for loading in October Reuters reports.

The 380-centistoke (cst) cargo is scheduled for loading between October 4th and 6th, according to market sources. The tender is due to close towards the end of next week.

Last month, MRPL completed the sale of an 80,000-tonne cargo of 380-cst at a premium of approximately $1 to $1.50 a tonne to Singapore spot quotes. This was the first time the Indian refiner had obtained a premium, rather than a discount, on the sale of a spot fuel oil cargo. Oil trading company B.B. Energy was reported to have been awarded the 380-cst cargo.

In July, when MRPL sold the same-sized cargo to Switzerland-based Glencore International AG, one of the world's largest suppliers of commodities and raw materials, the Indian firm was reported to have sold the fuel oil parcel at a discount of $16 to Singapore spot quotes.

MRPL is a subsidiary of Oil and Natural Gas Corporation Ltd. (ONGC). Its refinery in Mangalore has a production capacity of 190,000 barrels per day (bpd).

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