Wednesday, 02 January 2013 17:41
SINGAPORE: India's Reliance Industries has finalised its 2013 term contracts to supply gasoil and jet fuel to several buyers and is negotiating with a few more, all at levels higher than those of most other refiners, industry sources said.
It has completed a 500 ppm sulphur gasoil contact with at least one buyer at premiums close to $2.70 a barrel to the new benchmark Middle East quotes and a 10 ppm sulphur diesel contract at premiums of about $4.30 to $4.50 a barrel, the sources said on Wednesday.
The gasoil cargoes will be priced off the 500 ppm sulphur gasoil quotes instead of the current 5,000 ppm, in line with a shift in benchmark by pricing agency Platts, which comes into effect in January.
For jet fuel, the Indian refiner has concluded its 2013 term contracts at premiums of about $2.40 to $2.50 a barrel, the sources said.
Center>Copyright Reuters, 2013