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Fri 24 Oct 2008 08:09

PSO to buy 450,000mt of fuel oil


State oil firm plans to purchase low sulphur fuel oil cargoes for Nov-Feb delivery.

Pakistan State Oil (PSO) has revealed today that it was issuing a tender for the purchase of 450,000 tonnes of low sulphur fuel oil for delivery between the months of November 2008 and February 2009, Reuters reports.

Pakistan's leading oil marketer is said to be interested in importing a total of nine fuel oil cargoes during this four-month period on a cost-and-freight (C&F) basis to Karachi. The tender is scheduled to close on November 5th.

Earlier this month, PSO was reported to have purchased thirteen 65,000-tonne fuel oil parcels via tender for delivery between October 2008 and January 2009, with the option to buy four additional cargoes.

Oil cargo trader FAL Oil was said to have been awarded the tender to sell the 845,000 to 1.105 million-tonne cargoes of high-sulphur fuel oil at premiums of $23.50 a tonne to Middle East spot quotes on a cost-and-freight (C&F) basis to Karachi.

Pakistan has been plagued by domestic power shortages during the course of 2008, which even led to daylight saving measures being implemented earlier this year.

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