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Wed 5 Nov 2008, 08:02 GMT

Indian firm sells 30,000mt fuel oil cargo


380-cst parcel sold for delivery during the second half of November.

State-owned Indian Oil Corporation (IOC) has sold a 30,000 metric tonne cargo of fuel oil via tender for delivery during the second half of November, Reuters reports.

The parcel of 380-cst fuel oil with 4 percent sulphur is reported to have been sold to Trafigura, one of the world's largest independent commodity trading companies, for loading from Chennai between November 16-19 and November 27-30.

The fuel oil cargo is understood to have been secured at a discount of below $20 per tonne to Middle East spot quotes.

IOC operates refineries in Assam, Gujarat, West Bengal, Uttar Pradesh, Madras and Bihar and is the leading provider of fuel oil for the bunker market, supplying both marine fuel and lubricants to customers in all major Indian ports.

The company sold 58.3 million tonnes of petroleum products during 2007-08, registering a 8.7% growth in volumes as compared to the previous year.

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