SINGAPORE: Pakistan State Oil (PSO) is seeking a total of 345,000 tonnes of gasoline, fuel oil and jet fuel for December 2011 to February 2012 arrival, coming at a time of weak gasoline sentiment, traders said on Thursday.
Out of the total volumes, it is seeking 105,000 tonnes of 87-octane for January arrival at Karachi and 35,000 tonnes for February arrival.
It had in October bought a total of 245,000 tonnes of gasoline for November to December arrival from Gunvor, Trafigura, Vitol and Litasco at premiums of $89.00-$96.00 a tonne to Middle East naphtha quotes on a cost-and-freight (C&F) basis.
It later bought another spot cargo from Total for November arrival at $94.00 a tonne.
But the gasoline market has since turned weak due to a sudden flood of supplies as refineries resume operations in India and Singapore following planned maintenance and outages respectively.
The tender, which includes 180,000 tonnes of low-sulphur fuel oil for December 2011 and January 2012 and 25,000 tonnes of jet fuel for January arrival, closes on Dec. 5, with offers to stay valid until December. 10.
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