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Mon 8 Dec 2008 08:06

Indian refiner offers 380-cst cargo


80,000 tonnes of fuel oil scheduled for lifting in January.

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

The 380-centistoke (cst) cargo is scheduled for loading from New Mangalore on January 11th-12th.

The tender will close on December 11th and will be valid until the next day.

MRPL sold a similar-sized cargo of 3.5 percent sulphur 380-cst fuel oil in November for lifting between December 3rd and 5th from New Mangalore.

The sale was made to Japan's Petrosummit at a discount of $13.00 a tonne to Singapore spot 380-cst quotes, on a free-on-board (FOB) basis, according to industry sources.

MRPL was also reported to have sold a similar parcel of 3.5 percent sulphur 380-cst for loading between December 22nd and 24th.

The fuel oil cargo was purchased at a discount of $9 a tonne to Singapore spot 380-cst quotes, on a free-on-board (FOB) basis, Reuters said.

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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