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Thu 18 Sep 2008, 09:30 GMT

PSO to buy 1.17m tonnes of fuel oil


State oil firm issues tender to purchase fuel oil between October and January.

Pakistan State Oil (PSO) has issued a tender to purchase up to 1.17 million tonnes of high sulphur fuel oil between October and January 2009, according to local media reports.

The tender by Pakistan's leading oil marketer is reported to include four optional 65,000-tonne cargoes for loading between December and January. It is scheduled to close on October 7th and will be valid until October 9th, according to market sources.

PSO's latest fuel oil tender comes in the wake of domestic power shortages in the country, which even led to daylight saving measures being implemented earlier this year.

The company's previous tender issued in July was for the purchase of up to 910,000 tonnes of high sulphur fuel oil, 28.5 percent less than the 1.17 million tonnes PSO is now seeking to buy.

PSO is reported to have eventually bought ten 65,000-tonne cargoes between August and October with the option to purchase an additional 260,000 tonnes from September to November. The deal price was said to be at a $23 per tonne premium to Middle East quotes, on a cost-and-freight (C&F) basis, according to market sources.

Earlier this year, PSO also purchased 325,000 tonnes of high sulphur fuel oil for April to July delivery from FAL Oil and Bakri International Energy Co. Ltd.. The purchase price was understood to have been at a premium of $26-$29 a tonne to Middle East quotes on a cost-and-freight (C&F) basis.

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