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UPDATE 1-Asia Fuel Oil-Pakistan seeks up to 910,000T Aug-Nov

Thu Jul 3, 2008 1:39pm IST
 
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SINGAPORE, July 3 (Reuters) - Pakistan State Oil (PSO) has tendered to buy up to 910,000 of high sulphur fuel oil for delivery during August to November amid a crippling power shortage in the country.

PSO is seeking 650,000 tonnes of fuel oil in parcels of 65,000 tonnes to be delivered between August through October, the company's tender document showed on Thursday.

The firm also has an option to buy an additional 260,000 tonnes during September through November.

Pakistan recently purchased about 300,000 tonnes of low sulphur fuel oil for June-September delivery, up nearly two thirds from its previous purchases to meet strong domestic utility demand.

Electricity supplies to homes, businesses and factories across Pakistan have been cut for several hours a day over the past few months as the country wrestles with a 4,000 MW power deficit.

Brownouts across Pakistan forced the country to switch to daylight savings time last month.

Earlier this year Pakistan State Oil purchased 325,000 tonnes of high sulphur fuel oil for April to July delivery at a premium of $26-$29 a tonne to Middle East quotes on a cost-and-freight (C&F) basis from Bakri and Fal Oil.

Traders said that with the regional fuel oil market in a slump the premiums are expected to be concluded at much lower levels than the previous tender.  Continued...

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