SINGAPORE: Pakistan State Oil (PSO) bought 780,000 tonnes of high-sulphur fuel oil (HSFO) for its term November 2010 to January 2011 delivery, at higher price levels as the state-owned firm opted for low-viscosity cargoes, traders said on Friday.
PSO bought 12 parcels of 65,000 tonnes 125-centistoke (cst) grade for November-January arrival at premiums of $46.00-$50.00 a tonne to Middle East quotes, on a cost-and-freight (C&F) Karachi basis.
Middle East trader Bakri will provide the bulk of the supplies, with eight cargoes, while Vitol and Trafigura will each supply two lots.
Pakistan last bought 1.3 million tonnes of 180-cst HSFO at a premium of $26.00-$29.00 a tonne to Middle East quotes, on a C&F Karachi basis for third quarter delivery.
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