PSO buys two cargoes from Vitol

SINGAPORE: Pakistan State Oil (PSO) has bought via tender two 50,000-tonne cargoes of gas oil for November-December delivery, traders said on Wednesday.

The state-owned company bought the two cargoes from Vitol at a premium of $4 a barrel CIF to Middle East quotes.

This works out to about $1.50 a barrel above Middle East quotes on a FOB basis, one of them said.

PSO last bought two cargoes of 25,000 tonnes each of jet fuel from Mena Energy and Galana Oil for delivery in August and September at premiums of $4.86 and $3.79 a barrel respectively over Middle East quotes.

The company was thought to have adequate inventories in October.

PSO could not be reached for comment on the tender details.