Pakistan set to buy gasoline
PSO to award oil import tender for July and August trade.
SINGAPORE:
Pakistan State Oil (PSO) is expected to award its latest import tender for 70,000 tons of gasoline at lower prices than its previous purchase, traders said on Wednesday.
Switzerland-based trader Glencore had the lowest offer for both cargoes of 35,000 tons each of 87-octane gasoline, to be delivered over mid-July to end of August, they said.
The company placed an offer of $3.95 a barrel to 92-octane gasoline Singapore quotes for one of the cargoes, and a premium of $127.999 per tonne to the Middle East naphtha quotes for the second cargo. Both premiums are on a cost-and-freight basis.
The tender closed on July 3, with offers to remain valid until July 7.
Premiums have slipped from a previous tender where Vitol put in an offer of $249.40 a tonne to the Middle East naphtha quotes for a June 16-18 cargo.
PSO had in early June bought 175,000 tons of gasoline for July-August delivery at $111.80-$119.28 a ton from Total, Swiss Singapore and Gunvor. It decided against buying a 35,000 ton cargo for July-August delivery from Total due to high offers at $135 a ton.
Published in The Express Tribune, July 5th, 2012.
Pakistan State Oil (PSO) is expected to award its latest import tender for 70,000 tons of gasoline at lower prices than its previous purchase, traders said on Wednesday.
Switzerland-based trader Glencore had the lowest offer for both cargoes of 35,000 tons each of 87-octane gasoline, to be delivered over mid-July to end of August, they said.
The company placed an offer of $3.95 a barrel to 92-octane gasoline Singapore quotes for one of the cargoes, and a premium of $127.999 per tonne to the Middle East naphtha quotes for the second cargo. Both premiums are on a cost-and-freight basis.
The tender closed on July 3, with offers to remain valid until July 7.
Premiums have slipped from a previous tender where Vitol put in an offer of $249.40 a tonne to the Middle East naphtha quotes for a June 16-18 cargo.
PSO had in early June bought 175,000 tons of gasoline for July-August delivery at $111.80-$119.28 a ton from Total, Swiss Singapore and Gunvor. It decided against buying a 35,000 ton cargo for July-August delivery from Total due to high offers at $135 a ton.
Published in The Express Tribune, July 5th, 2012.