Pakistan State Oil (PSO) is seeking up to 1.01 million tonnes of fuel oil for May-July delivery, steady from April-June's record purchases, a tender document showed on Monday.
The state oil firm is looking to buy up to 14 65,000-tonne parcels of 180-centistoke (cst) high sulphur fuel oil (HSFO), and two 170-cst 50,000-tonne low sulphur cargoes (LSFO), on cost-and-freight basis at FOTCO (Port Qasim) and Keamari, Karachi. The tender closes on May 3 and will remain valid for 48 hours.
About 520,000 tonnes of HSFO are firm cargoes for May-July delivery, while the balance of six 65,000-tonne lots is optional for June-July delivery. A single 50,000-lot of LSFO is firm for June-July delivery, while the second parcel is optional for the same period. Pakistan's has upped its fuel oil purchases due to lower hydropower and insufficient natural gas amid rising demand for electricity.