India firm sells fuel oil to Enoc at high premium
Singapore, August 26, 2009
India's Mangalore Refinery and Petrochemicals (MRPL) sold by tender 60,000 tonnes of 380-centistoke (cst) fuel oil for October loading to Emirates Oil National Company (Enoc) at a premium close to a 12-month high, traders said on Wednesday.
Enoc paid around $1 per tonne above Singapore spot quotes, on a free-on-board (FOB) basis, for the cargo loading on October 2 to 4.
MRPL last sold a 380-cst cargo for October 4 to 6 loading to Petronas at a premium of $1-$1.50 per tonne to Singapore spot quotes in September 2008.
Traders said the strong premium reflected the tight market conditions in the Middle East. – Reuters