MRPL sells low-density fuel oil at steady premium

MRPL sells low-density fuel oil at steady premium
Indian refining major, Mangalore Refinery and Petrochemicals Ltd has sold 80,000 tonnes of low-density fuel oil under the Jun'11 contract at stable prices despite probable tight supplies in the coming months.

The refiner sold a 380-centistoke (cst) lot to Sumitomo of Japan at a premium of 50 cents to $1.00 per tonne on a free-on-board (FOB) basis to Singapore spot quotes, steady to parity to a premium of $1.00 charged earlier.

A Singapore-based Asian trader, quoted, "The MRPL cargo is better value as it typically has density that is lower than bunker specs, that's why Sumitomo has been so keen on the cargo in recent months."

Read more about: oil and gas, mrpl, bse, nse
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