SINGAPORE: Taiwan’s Formosa Petrochemical Corp (FPCC) has kicked off September-loading low-sulphur gasoil sales via a tender, four sources with knowledge of the matter said on Monday.
The refiner is offering one 750,000-barrel 10ppm gasoil cargo loading Sept. 22-26, almost similar volumes from their August sales, two of the four sources said.
The tender closes on Aug. 8, with same-day validity The steady volumes from August could be because of the almost unchanged crude runs at the refiner’s unit in August and likely September, a third source said.
However, the refiner may have 500ppm sulphur gasoil available for spot sales in the next few days if lucrative cash margins for higher sulphur grades remain, the fourth source said.
The company typically does not make official comments on commercial matters. August spot cargoes were earlier sold by the refiner at a slight premium to Singapore quotes, Reuters records showed.
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