Reuters reported that Pakistan State Oil is seeking up to 845,000 tonnes of oil products for delivery from November 2012 to February 2013 about 50% more than it bought for September to December delivery.

The document showed that a tender document showed that the state owned firm is looking for 455,000 tonnes of high sulphur fuel oil, 110,000 tonnes of low sulphur fuel oil and 280,000 tonnes of motor gasoline. The tender closes on October 19th 2012 and is valid until October 26th 2012.

PSO bought less than half its total requirements for September to December delivery skipping gasoil and low sulphur fuel oil purchases because of a dip in demand. Gasoil appetite has dropped in the country due to increased rainfall which has boosted hydropower generation.

The company last bought 260,000 tonnes of high sulphur fuel oil from Bakri Trading and Vitol at premiums of about USD 25 per tonne to USD 26 per tonne above Middle East quotes. It also purchased 280,000 tonnes of 87 octane gasoline from Gunvor, Trafigura, Total, Oman Trading and Gulf Petrochem at premiums of USD 93 per tonne to USD 106 per tonne.

Source - Reuters

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