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Jordan Petroleum buys 350,000 tonnes gasoil from BB Energy

gas pipe line 400SINGAPORE: Jordan Petroleum, the country's sole refiner, has bought 350,000 tonnes of gasoil for delivery over January and February from trading firm BB Energy, industry sources said on Monday.


It bought the 0.5 percent sulphur gasoil cargoes at a premium of $30.78 a tonne above Middle East 0.25 percent sulphur gasoil quotes, they said.


Jordan Petroleum was seeking four cargoes of 50,000 tonnes each for delivery over Jan. 3-7, Jan. 13-16, Jan. 20-23 and Jan. 27-30. It was also seeking another 150,000 tonnes for delivery in February.


The cargoes are to be delivered into Aqaba port.  The company has changed its pricing formula to reflect a global move towards cleaner fuel specifications, they added.


The cargoes it buys for January delivery onwards will be priced off the 0.25 percent sulphur Middle East gasoil quotes published by pricing agency Platts, instead of the current 0.5 percent sulphur gasoil quotes, the traders said.  From next year, Platts will lower the sulphur specification of its benchmark gasoil assessment in Singapore and the Middle East to 500 ppm from 5,000 ppm, which has prompted many companies to change their gasoil contracts.


 Jordan Petroleum last bought 150,000 tonnes of gasoil for delivery in December from Glencore at a premium of $29.69 a tonne to 0.5 percent sulphur Middle East gasoil quotes, traders have said.


 Jordan's economy has been hurt by regional protests and energy supply disruptions tied to the Arab Spring, supporting oil imports, traders said.


 Winter has also led to a slight spike in import of gasoil, which is normally used as heating fuel in many countries, an industry source had said earlier.


Copyright Reuters, 2012


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