SINGAPORE: Unipec, the trading arm of China's Sinopec, bought a rare gasoil cargo from India's Mangalore Refinery and Petrochemical Ltd, trade sources said on Friday.
The company bought 65,000 tonnes of 500 ppm sulphur gasoil for Feb. 20 to 22 lifting from MRPL at a premium of about $1.10 a barrel to Middle East quotes, they added.
This is the second such time that Unipec is buying a cargo from MRPL, one of them said.
It is unclear where Unipec is planning to ship the cargo. Unipec is normally a seller of the fuel from China.
China's gasoil exports have increased over the past year as the country's gasoil demand has slowed due to lower economic growth. Domestic demand for gasoil has grown slightly this month as factories stockpile the fuel ahead of the Lunar New Year which falls in mid-February, traders said.
Comments
Comments are closed for this article.