Inside Financial Markets

Asia Gasoil-Pakistan seeks June cargo after cancelling May import – RTRS

pso pumpAsia Gasoil-Pakistan seeks June cargo after cancelling May import – RTRS

SINGAPORE, May 25 (Reuters) – Pakistan State Oil (PSO) has returned to seek a total of 100,000 tonnes of gasoil with 0.5 percent sulphur content for late June delivery, double the volume it cancelled previously for May due to limited offers, traders said on Monday.

PSO is seeking one 50,000-tonne cargo for June 19-24 delivery and another 50,000-tonne cargo for June 25-29 delivery through a tender.

The tender will close on June 8, with offers to stay valid until June 12.

Summer demand for oil products in Pakistan could have prompted the state-owned importer to come forward as gasoil is used in the agriculture sector.

Below-average rains during summer may curb hydropower generation and instead increase demand for gasoil which is used to power irrigation systems. (Full Story)

Separately, PSO is also seeking two gasoline cargoes for June 1-5 and June 6-10 delivery respectively through a tender closing on May 28.

The gasoline cargo size sought is 30,000 to 50,000 tonnes each.

Offers will stay valid until May 30.

PSO had recently received the lowest offers for 600,000 tonnes of gasoline for May to August delivery from Vitol and Gunvor at $98.73 to $108.70 a tonne premium to Middle East naphtha quotes. (Full Story)

But it was not clear if the state-owned importer bought all the 600,000 tonnes.


Ahsan Baig

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Inside Financial Markets was a joint publication of Pakistan Stock Exchange (PSX)and Society of Technical Analysts Pakistan (STAP)