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PSO seeks 345,000T of gasoline, fuel oil

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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.

Copyright Reuters, 2011