Fri 29 Jan 2010 10:13

Refiner sells three 80,000-tonne lots of 380-cst


380-centistoke parcels are scheduled for delivery between March and May 2010.

Mangalore Refinery and Petrochemicals Ltd. (MRPL) has sold three 80,000-tonne parcels of 380-centistoke (cst) fuel oil for loading between March and May 2010, Reuters reports.

The Indian refiner is reported to have sold the fuel oil cargoes to energy trading company Vitol at a discount of approximately $2.30 per tonne to Singapore spot quotes, on a free on board (FOB) basis.

The 80,000-tonne lots are scheduled for loading from the south-west port of New Mangalore in the state of Karanataka. MRPL previously sold a 380-cst spot cargo for February 2-4 lifting to Russian oil trading and logistics firm Gunvor at a narrower discount of $1.50-$2.00 per tonne to Singapore spot quotes, FOB.

MRPL is located at Katipalla, north of Mangalore city. It is a state-of-the-art grassroots refinery with a production capacity of 190,000 barrels per day (bpd).

The company is a subsidiary of Indian petroleum firm Oil and Natural Gas Corporation Ltd. (ONGC). Before it was acqured by ONGC in March 2003, MRPL was a joint venture between M/s Hindustan Petroleum Corporation Limited (HPCL) and M/s IRIL & Associates.
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