Argus Mideast Gulf and Indian Ocean Products...2012/09/04 · UACC Ibn Al Atheer Jebel Ali (Vitol)...

Petroleum product prices, news and analysis

Argus Mideast Gulf and Indian Ocean Products

Copyright © 2012 Argus Media LtdPage 1 of 12

Mideast Gulf and Indian Ocean markets

Inside today’s report

Overview

Regional buyers including Adnoc bought spot gasoline cargoes. India’s Reliance Industries will minimise or skip September naphtha exports. Low European jet fuel stocks encouraged arbitrage cargoes from the Mideast Gulf. Adnoc offered spot 10ppm sulphur gasoil in a tightly-supplied market. Refinery shutdowns and Iranian sanctions kept Mideast Gulf fuel oil premiums steady.

Issue 12-155 Tuesday 4 September 2012

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Singapore gasoil crack spread $/bl

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Singapore: Gasoline 92R vs naphtha swaps $/bl

Ceypetco shuts refinery

Adnoc offers 10ppm gasoil cargoes

Bangladesh negotiates fuel oil prices

Higher prices hit Pakistan demand

Updated south Asian turnarounds

Freight activity

Tenders

Deals

West coast India $/tdifferential to low high +/-

Naphtha fob west coast India Mopag +32.00 +34.00 -

Mideast Gulf $/tdifferential to low high +/-

Gasoline 95R fob Mideast Gulf

Gasoline 95R fob Med +30.00 +34.00 -1.00

Naphtha fob Mideast Gulf +65.00 +69.00 +2.00

Gasoline 95R fob Singapore ($/bl) +1.30 +1.70 -0.25

Jet ($/bl) Ice Gasoil (Sep) +1.77 +2.17 +0.77

Gasoil 0.05% ($/bl) Ice Gasoil (Sep) +3.37 +3.77 -0.13

Gasoil 0.001% ($/bl) Ice Gasoil (Sep) +3.87 +4.27 -0.13

Bunker fuel oil low high +/-

180 cst Fujairah 719.00 721.00 +5.00

380 cst Fujairah 699.00 701.00 +13.00

India reference $/bldifferential to

Mopag low high +/-low high

Gasoil 0.005% fob Mideast Gulf +4.90 +5.30 131.35 135.35 na


Page 2 of 13 Copyright © 2012 Argus Media Ltd


Freight routes

Argus publishes daily report price series in the Argus Asia-Pacific Products and the Argus European Products reports.The methodology is available at www.argusmedia.com

AUSTRALIA

Indian Ocean

MIDEASTGULF

INDONESIA

JAPAN

SINGAPORE

Spot freight rates

Mideast Gulf-Singapore Size (t) $/t +/-Fuel oil 80,000 19.08 +3.32

Mideast Gulf-Singapore Size (t) $/bl +/-Gasoline 35,000 2.03 -0.04

Mideast Gulf-Japan Size (t) $/t +/-Naphtha 55,000 36.00 +0.74

Naphtha 75,000 30.03 +0.60

Mideast Gulf-Singapore Size (t) $/bl +/-Gasoil 55,000 2.90 +0.06

Jet 55,000 2.74 +0.05 Indonesia-Japan Size (t) $/t +/-Fuel oil 80,000 12.78 +0.98

LSWR 30,000 28.00 -

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Markets

GASOLINE Abu Dhabi state-owned refiner Adnoc bought a 95R gaso-line cargo from Total for October delivery at a premium above $30/t to Mediterranean quotes on a cfr basis, traders said.

Adnoc has been a regular spot gasoline buyer this year. The firm last bought a 25,000t August-delivery 95R gasoline cargo from Total at a premium in the low-$30/t range. In May, it bought a similar cargo for June delivery from Total at a premium of about $33/t to Mediterranean quotes on a cfr Ruwais basis. Adnoc in March bought 25,000t of 95R gasoline for April delivery from trader BB Energy, also in the low-$30/t range to Mediterranean quotes.

Total also supplied 150,000t or about 14,000 b/d of 95R gasoline to Adnoc in a mini-term contract for January-March delivery at premiums of about $35/t to Mediterranean quotes on a cfr basis. Total has been actively supplying the UAE market, including through a one-year term contract with UAE federal government-owned fuel retailer Emarat for about 28,000 b/d of gasoline.

Adnoc earlier this year took over 74 fuel stations in the northern emirates run by Emarat in the UAE, which could have increased its gasoline requirements, traders said. Adnoc and Emarat have had to supply more gasoline to the northern emirates – Sharjah, Ajman, Ras al Khaimah, Umm al Quwain and Fujairah – since Dubai-owned retailer Enoc closed its fuel stations in those emirates last year. But part of Adnoc’s require-ment for the northern emirates is being made up by Emarat’s existing one-year term contract with Total.

Saudi Arabia is expected to buy more cargoes from India in September, rather than from the Mediterranean, as the Asian gasoline market eases with Indonesian demand weakening and a Vietnamese refinery restarting. State-owned Saudi Aramco is expected to buy up to six cargoes, or about 60,000 b/d, against about 70,000 b/d imported in August to its terminals in Jizan and Jeddah on the Red Sea coast and Ras Tanura on the Mideast Gulf coast.

The Mediterranean market remained tightly supplied, with cargoes from the Mediterranean and northwest Europe making their way to Venezuela and the US Gulf coast. Traders

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August programmeVessel name Load port (supplier) Saudi disport Vol (‘000 bl) ETA

Hellas Progress Izmit (Aramco Trading) Jeddah 300 9-10 Aug

Pretty Scene Sohar 95 R (Gunvor) Ras Tanura 270 11-12 Aug

Ceylon na (Litasco) Red Sea 350 12-14 Aug

na na Ras Tanura 300 18-20 Aug

Eskden Sarroch, Italy (Aramco Trading) Jeddah 355 21-23 Aug

Atlantic Muse Mideast Gulf (Aramco Trading) Red Sea 300 25-27 Aug

Glenda Sohar (Gunvor) Jeddah 300 26-28 Aug

Total (bl) 2.18mn (70,000 b/d) - estimate

July programmeVessel name Load port (supplier) Saudi disport Vol (‘000 bl) ETA

Alpine Moment Sikka (Glencore) Ras Tanura 254 1-2 Jul

Nordic Anne Sikka (Gunvor) Jeddah 300 2-4 Jul

Sovereign Sikka Ras Tanura 385 5-7 Jul

Enjoy Turkey 95 R (Total) Jeddah 300 9-11 Jul

Fotini Lady Sikka (na) Ras Tanura 550 11-13 Jul

CSC Amethyst Mideast Gulf (Aramco Trading) Jizan 300 15-16 Jul

Navig8 Honor Sikka (Aramco Trading) Jeddah 499 25-27 Jul

Chang Hang Hong Tu

Sohar 91R+95R (Gunvor) Jizan 300 26-28 Jul


Jun programmeVessel name Load port (supplier) Saudi disport Vol (‘000 bl) ETA

Gulf Baynunah Sohar (BP) Ras Tanura 300 1-3 Jun

Gulf Muttrah n/a Ras Tanura 300 2-4 JunUACC Ibn Al Atheer Jebel Ali (Vitol) Red Sea 300 3-5 Jun

Gulf Horizon Sikka (PetroChina) Red Sea 500 5-7 Jun

SCF Pioneer Sikka (Aramco Trading) Jeddah 507 10-12 Jun

Moray Sohar 91R+95R (Gunvor) Ras Tanura 500 18-20 Jun

Baizo Augusta (BB Energy) Jizan 321 20-22 Jun

Maersk Marmara Sikka (n/a) Ras Tanura 300 21-23 Jun

Hellespoint Promise Sikka (Aramco Trading) Jeddah 507 22-24 Jun

Baltic Monarch Sarroch, Italy (Aramco) Jeddah 300 23-25 Jun





Markets

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were unlikely to move cargoes to the Mideast Gulf from the Mediterranean as a result. Only 25pc of the 635,000 b/d Amuay refinery operated by Venezuelan state-owned oil company PdV that was gutted in a blaze more than a week ago has restarted operations. One of the large fuel storage tanks affected by the blaze was for gasoline.

Jordan’s state-owned Jopetrol will buy 120,000t of 95R gaso-line through tender from Russian oil company Lukoil. The tender to buy four 30,000t cargoes for delivery in October-January was awarded at a premium of $48/t to the fob Mediterranean (Italy) quotes for unleaded 10ppm gasoline. Lukoil is expected to either ship cargoes from its storage tanks at the Vopak terminal in Fujairah or take supplies from its own refinery system in the Black Sea to Jordan as availability in the Mediterranean is restricted.

Some traders expected the 28 August restart of Libya’s 220,000 b/d Ras Lanuf refinery to temper tightness in the Mediterranean gasoline market. The refinery restarted opera-tions after shutting down on 25 February last year as the country descended into civil war.

Pakistan’s state-owned fuel marketer PSO is set to buy nine 35,000t (296,000 bl) gasoline cargoes delivering during the final quarter of this year from six suppliers that submitted the lowest offers among 12 participants to a tender.

The lowest bids for eight 87R gasoline cargoes for delivery to Kararchi over October-December were submitted by traders Gunvor, Gulf Petroleum, Oman Trading International (OTI), Trafigura and Total at naphtha Mopag +$93-107/t. Glencore is expected to deliver a 92R gasoline cargo during October-November at $3.45/bl above Mops 92R quotes.

PSO’s recent move to import gasoline with the oxygenate MTBE has opened up more supply sources and also helped secure cargoes at lower premiums than before, traders said. A tightening naphtha market has also seen the reforming spread, or the differential of Asian 92R gasoline to naphtha, fall to $11.50/bl – the weakest in about nine months – from $18.50/bl last week.

PSO previously paid premiums in a range of $92-122/t to Mopag naphtha quotes for seven August-October delivery cargoes to four suppliers. OTI, a joint venture between trader Vitol and state-owned Oman Oil, will supply four cargoes, while

traders Glencore, Swiss Singapore and Vitol will each deliver one.

Pakistan’s demand for gasoline is expected to decline as a result of a government decision to raise domestic gasoline prices (see news story). Gasoline demand has been surging because of short supply of compressed natural gas (CNG), which fuels about 3.5mn cars in the country, with this resulting in more consumers shifting to gasoline-fuelled vehicles. Pakistan has been diverting gas from the fertilizer, industrial and CNG sectors to the power sector. PSO officials said there is also demand for gasoline to be used for power generation in the country as a lack of adequate monsoon rainfall has resulted in less hydroelectric production. Pakistan has seen gasoline imports rising by about 48pc from a year earlier to 911,000t in the seven months to July.

Sri Lanka’s state-controlled Ceylon Petroleum (Ceypetco) is expected to buy more gasoline after the company shut its sole 50,000 b/d refinery in Kelaniya because of damage to a crude pipeline (see south Asian refinery turnarounds). Damage to a hose used to transport crude from a single point mooring facility to the refinery prompted the unplanned shutdown of the plant on 31 August. No restart date has been given and rough seas are delaying repair works.

Ceypetco bought a combined 280,000 bl of 90R and 95R gasoline for 15-16 September arrival at Colombo from Indonesian supplier Bumi Siak at a premium of around $7/bl to spot quotes, traders said. This was Ceypetco’s first import tender awarded after the Kelaniya refinery restarted earlier in August following a maintenance shutdown that began on 2 July. The refiner in early August bought 280,000 bl of gasoline, com-prising 250,000 bl of 90R and 30,000 bl of 95R, for end-August delivery from India’s private-sector refiner Reliance Industries (RIL) at Mops +$5.61/bl on a cfr Colombo basis.

Kenya’s energy ministry bought about 47,000t of 92R gasoline from Gapco, a pan-African trader owned by RIL, at a premium of $2.10/t to Mediterranean quotes for September for a cargo arriving 13-15 October. The cargo is expected to come from RIL’s refinery in India. The energy ministry in July bought two 45,000t gasoline cargoes through a tender for September arrival at Mombasa. It paid Gapco a $5.94/t premium to the average of August quotes for one cargo delivering on 13-15 September and a $16.50/t premium to the average of September




Markets

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quotes for the other cargo delivering on 28-30 September. Oil products are supplied from Kenya and Tanzania to countries in the region including Zambia, Congo, Burundi, Rwanda, Uganda and parts of Sudan.

NAPHTHAMideast Gulf naphtha premiums rose by $6/t over the week to $27/t as of 3 September, with a fall in arbitrage arrivals in October expected to tighten supply.

West coast India naphtha premiums increased sharply by $9/t to $33/t over the same period, with key naphtha supplier India’s RIL absent from the spot market.

RIL will not offer any cargoes for first-half September loading. The refiner may offer just one cargo in the last 10 days of September, depending on US gasoline demand. RIL could skip September naphtha sales altogether to supply more gasoline to North America, industry sources said, where gasoline margins briefly neared $30/bl before falling sharply after gasoline specifications in the region were lightened. Over 1mn b/d of refining capacity was shut before Hurricane Isaac arrived. Gasoline arbitrage was also boosted by a fire at PdV’s 635,000 b/d refinery in Venezuela.

RIL’s withdrawal from the naphtha export market translates to a loss of around 150,000t of naphtha a month. Higher gasoline refining margins and US summer demand prompted RIL to skip July sales altogether. The Indian firm sold just 75,000t of naphtha in August as it instead maximised gasoline production.

Indian exports in September are now likely to fall to just 600,000t (180,000 b/d) as RIL withdraws and refineries undergo maintenance turnarounds (see south Asian refinery turnarounds section).

European demand for naphtha rose, even as Libya’s main naphtha exporter and its largest refinery the 220,000 b/d Ras Lanuf plant resumed operations. October arrivals from Europe will be lower than the 800,000t (240,000 b/d) expected for September, prompting suppliers to insist on higher premiums for Mideast Gulf and Indian naphtha, traders said.

Indian state-controlled refiner ONGC sold a 35,000t cargo of heavy full-range naphtha to Chinese trader Unipec at a premium of $39/t to Mopag for 23-24 September loading from Hazira.

ONGC last sold a similar cargo for mid-September loading from the same port to Total at a sharply lower premium of Mopag +$22/t.

ONGC also sold 35,000t of full-range naphtha at a premium of $32.50/t to Mopag to Azeri trader Socar for 13-14 September loading from Mumbai. ONGC previously sold a similar cargo for 11-12 August loading to Total at a premium of $21-22/t to Mopag.

Fellow state-controlled Indian refiner IOC sold up to 40,000t of naphtha to Unipec at a premium of $34.50/t to its own pricing formula, which is an average of Argus and Platts fob Mideast Gulf assessments for 18-20 September loading from Dahej.

IOC last sold a similar cargo to Vitol at $28.50/t above its formula for mid-August loading.

The refiner issued a new tender for 35,000-40,000t of naphtha for 1-3 October loading from Dahej. The tender closes on 6 September with bids remaining valid until the next day.

Shipping fixtures show at least 350,000t of naphtha leaving the Mideast Gulf in first-half September for Asian markets. Saudi Arabia, Kuwait and Qatar export naphtha mainly through private negotiations and term contracts, traders said.

Exports from Yemen’s 150,000 b/d Aden refinery have resumed following a nine-month break, with this partly adding to supplies to Asia-Pacific. The Aden refinery sold up to 80,000t of naphtha to Glencore for August and September loading at Mopag +$25/t for each cargo.

State-controlled Indian refiner Bharat Petroleum (BPCL) sold 18,000t of naphtha through a tender for 20-25 September loading from Mumbai to Unipec at a premium of around $17.50 to Mopag.

This was the refiner’s second attempt at selling the cargo, with it having earlier scrapped its tender to sell a similar cargo for 16-20 September loading.

BPCL sold 11,000t of naphtha through a separate tender to Glencore at Mopag +$3/t for 18-22 September loading from Haldia.

ONGC’s subsidiary MRPL offered 35,000t of naphtha loading over 3-5 October from New Mangalore through a tender that closed on 3 September with a single’s day validity period.

It last sold a 35,000t cargo to Petrodiamond for 17-19

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September loading at a premium of around $33.50-34.50/t to Mopag.

Kuwait’s state-owned KPC issued a tender to sell 24,000t of light naphtha for 4-5 October loading, as well as 50,000t of the full-range grade for 6-7 October loading. Bids must be submitted by 4 September with an award due on the same day.

Firm demand from South Korea saw LG Chemical, Honam Petrochemical and Samsung-Total secure October deliver-ies through spot purchases last week. LG bought 75,000t of naphtha at premiums of $8-9.50 to Japan spot quotes.

The return of Asia’s largest naphtha buyer, Taiwanese private-sector refiner Formosa Petrochemical, is likely to tighten the market even further. Formosa expects to complete a month-long maintenance at its 1.03mn t/yr No.2 naphtha cracker in mid-September.

Formosa restarted the 700,000 t/yr No.1 naphtha cracker in Mailiao three weeks ago, after a 45-day planned maintenance. The refiner carried out mandatory regulatory safety checks at its units after a fire shut down the cracker in July last year.

Unexpected shutdowns of the firm’s 1.03mn t/yr No.2 and 1.2mn t/yr No.3 crackers in June had weighed on premiums. Formosa typically buys up to 300,000t of spot naphtha every month.

JET FUELMideast Gulf jet fuel premiums were steady at $2.75/bl, underpinned by demand for arbitrage cargoes to Europe as European stock levels stayed low and northwest European landed jet fuel premiums surged to a 15-year high.

The strong premiums prompted Bahrain’s state-owned refiner Bapco to sell a jet fuel cargo further forward than it typically does. The company sold 60,000t of jet fuel for loading in the second half of November, or more than two months forward at around Mopag +$2.80/bl. Bapco also sold cargoes far forward in September 2011, traders noted. Bapco then sold three 60,000t cargoes –one for November 2011 loading and two for December, at Mopag +$1.40-1.90/bl – to cash in on a rising market.

Bapco could also be expecting jet fuel demand to weaken after the summer demand peak in the northern hemisphere and the start of term supply negotiations for 2013 some time at the

end of October or early November, traders said. Bapco in early November last year tied up 20pc of its jet fuel production in term deals for 2012. The 2012 term contracts were agreed at Mopag +$1.75/bl, 46pc higher than 2011 term supply that was done at Mopag +$1.20/bl.

Bapco in late July sold a 30,000t cargo for 12-15 August loading from its 267,000 b/d Sitra refinery at around a $2.30/bl premium to Mideast Gulf quotes. Premiums have jumped since then, with UAE state-owned fuel marketer Emarat buying two cargoes totalling about 70,000t from Vitol for loading from a Mideast Gulf port during 5-7 September and 23-25 October at Mopag +$2.90-3.00/bl on a fob basis. Regional aviation demand remains strong with major airports in the UAE, Qatar and Bahrain reporting sharp surges in passenger numbers this year.

A couple of cargoes for late September and October loading were sold at premiums around $2.90-3.00/bl from Jubail on the Mideast Gulf coast of Saudi Arabia, traders said, but these deals were not confirmed.

September- and early-October loading cargoes of jet fuel were considered tight throughout the Mideast Gulf with no national oil company showing any availability. An unscheduled shutdown of a 40,000 b/d hydrocracker at KPC’s 440,000 b/d Mina Al Ahmadi refinery has further squeezed jet fuel supplies in the region. The refinery was shut down in mid-August, with traders expecting it to be back on line by mid-September.

Yemen’s Aden Refinery offered 30,000t of jet fuel for 23-25 September loading. The tender closes on 4 September, with offers valid until 5 September.

Jet fuel exports from Yemen resumed on 28 August, when trader Vitol loaded a cargo from the 150,000 b/d Little Aden refinery that restarted operations on 4 August for the first time since mid-November last year. This followed the restoration of crude flows through the key Marib-Ras Isa pipeline at the end of July. The refinery is thought to be functioning at a lower operat-ing rate of about 50,000 b/d. The plant was shut down following a series of attacks on the pipeline by tribal rebels, but flows have been restored as the security situation has improved.

India’s MRPL sold 36,000t of jet fuel through a tender for 5-9 October loading at around Mops-$0.50/bl, traders said. The state-controlled refiner last sold the same amount for




Markets

23-25 September loading at a similar level. MRPL in early August sold a similar cargo to Total for 13-15 September loading at a discount of slightly less than Mops -$1/bl to spot quotes. MRPL typically sells one or two spot jet fuel cargoes a month.

European jet fuel premiums to Ice gasoil have strengthened, reaching the highest level in more than 15 years because of concerns that cargoes from Asia and the Mideast Gulf that may have been destined for Europe will instead be diverted to the US. These concerns were heightened amid Hurricane Isaac in the US Gulf Coast and a fire at the 635,000 b/d Amuay refinery in Venezuela refinery late last month that some traders said could further increase demand in the Americas. Only about 160,000 b/d or 25pc of the Amuay refinery has been restarted and it is unclear when the refinery will fully come back on line. The impact of the refinery shutdown and the hurricane is likely to open up arbitrage opportunities for Mideast Gulf jet fuel, traders said.

The jet fuel arbitrage from the Mideast Gulf could work at premiums at about $2.80 to Mopag for both medium-range and long-range cargoes to the Mediterranean and northwest Europe. The northwest European landed premium to Ice gasoil and jet fuel swaps rallied to $96.00/t from $86.50/t a week earlier. Northwest European jet fuel swaps traded at $94.50/t for September, $90.50/t for October and $83.50/t for November, up from $83.50/t, $83.25/t and $82.00/t respectively last week.

The gasoil east-west spread remained in deep discounts, at -$5.55/t for September, -$15.74/t for October and -$17.45/t for November, against -$10.00/t, -$19.00/t and -$20.47/t respec-tively last week. The deep discount in the east-west spread for October and November indicated a workable arbitrage to Europe for cargoes loading in September and October from the Mideast Gulf, traders said.

Shipping fixtures included the Maersk Princess, chartered by BP, loading 90,000t of jet fuel from an undisclosed port in the Mideast Gulf in mid-September, and the Atlantic Eagle, fixed by Total to load 40,000t of jet fuel from New Mangalore. Both vessels are bound for northwest Europe.

Premiums also rose in the latest tender from Kenya. The country’s energy ministry bought a 64,000t cargo of jet fuel for 3-5 October delivery to Mombasa from trader Addax Energy at Mopag +$29.18/t. Kenya in early July secured around 110,000t of jet fuel, also from Addax, in two cargoes for delivery during 19-21 August and 22-24 September at Mopag +$23.78/t and Mopag +$18.66/t respectively

Jet fuel output in Asia-Pacific has also been curtailed by unexpected refinery shutdowns. Shell’s 500,000 b/d Bukom refinery was scheduled to restart in August following a month-long partial maintenance starting 19 July, but is now only expected to restart this month. South Korean and Japanese jet fuel production is also likely to be increasingly tight as refiners focus on output of kerosine to meet heating demand during the year-end winter.

GASOILAbu Dhabi’s Adnoc issued a spot tender to sell two 40,000t cargoes of 10ppm (0.001pc) ultra-low sulphur gasoil for October loading from its 400,000 b/d Ruwais refinery. Adnoc in June sold its first 10ppm ultra-low sulphur cargo of about 40,000t at Mopag +$4.50-4.60/bl on a fob Ruwais basis for 22-24 July loading. A second similar-sized cargo was sold through private negotiations for a later date.

Mideast Gulf 10ppm sulphur premiums have been steady at $5.20/bl over the past two weeks. But 500ppm sulphur gasoil premiums rose by $0.05/bl over the last week to $4.95/bl. The 0.25pc sulphur and 0.5pc sulphur gasoil premiums rose by $0.10/bl over the week to $3.80/bl and $3.60/bl respectively, on tight availability in the region.

India’s RIL is also a 10ppm sulphur gasoil exporter in the Mideast Gulf and Indian Ocean region. Bahrain’s state-owned Bapco can produce the 10ppm sulphur grade, but has mostly offered only 500ppm sulphur gasoil because of better refining economics for that grade. Saudi Aramco can also produce 10ppm from the 325,000 b/d Ras Tanura and 305,000 b/d Jubail refineries, but does not produce these grades on a regular basis because of a lack of regional demand.

Demand from Europe for 10ppm cargoes is expected to rise because of lower exports of US ultra-low sulphur cargoes to Europe. More US ultra-low sulphur cargoes are now expected to head to Venezuela, where the 635,000 b/d Amuay refinery was shut down after a huge blast more than a week ago. Cargoes from India to Europe have an advantage compared with those from Asia, because of lower freight rates.

European diesel prices were sharply higher towards the end of last week amid persistent concerns of tight supply in September. Traders reported strong demand from Total for French ultra-low sulphur diesel, possibly because of an impend-ing shutdown at the 351,000 b/d Gonfreville refinery in northern France from mid-September to mid-October. Premiums in the Mediterranean are also strong as the recent supply tightness showed no sign of easing.

Adnoc has not offered any 500ppm sulphur gasoil since it sold two cargoes to Japan’s Itochu for 8-10 June and 23-25 June loading at $3.80-4.00/bl. Adnoc typically optimises 500ppm gasoil production for the domestic market, with 10ppm gasoil produced when stocks are high. Adnoc produces around 5mn t/yr of gasoil, 4.5mn t/yr of which goes to the domestic market with the rest sold on a spot basis. Domestic demand growth is 10-12 pc/yr, according to industry estimates, which means Adnoc is unlikely to become a significant gasoil exporter until the 417,000 b/d Ruwais 2 refinery comes up. The refinery will run entirely on domestic Murban crude, which has a high gasoil yield. The Ruwais 2 refinery is due for completion in 2014 and will produce around 7mn t/yr of gasoil, industry officials said. A switch to 10ppm gasoil for the domestic market may take place as early next year, although it is more likely that specifications will be changed towards the end of 2014 once the new refinery




is fully operational.Bapco sold a second-half-November loading 40,000t cargo at

Mopag +$4.95/bl. The refiner was encouraged to offer the cargo for loading far forward because of strong spot premiums. Bapco could also be eyeing a strong platform to launch its term con-tract talks for 2013 by selling more than 45 days forward, some traders said. Bapco in September last year sold around 30,000-40,000t of 0.05pc sulphur gasoil for November loading as well as two other cargoes of the same grade for early December and 10-20 December loading at premiums in the low- to mid-$3.00/bl range to Mopag, again taking advantage of a strong market.

Demand remained steady for 500ppm sulphur gasoil from east Africa. Kenya’s energy ministry bought 80,000t of the gasoil grade through a tender for delivery to Mombasa on 9-11 October at Mopag +$34.80/t from RIL-owned pan-African trader Gapco and a 54,000t shipment for 25-27 September delivery at Mopag +$42.38/t from trader Galana.

Kenya in July bought two 60,000-62,000t cargoes of 0.05pc sulphur gasoil from Gapco and Addax Kenya at premiums of $36.30/t and $29.45/t to spot Mideast Gulf quotes. The cargoes were for 2-4 September and 19-21 September delivery to the Kipevu oil terminal. A third 19,000t cargo was bought from Galana at a premium of around $64.29/t for 15-18 August deliv-ery to the Shimanzi oil terminal. Galana bought a mid-Septem-ber loading cargo from trader Mercuria at Mopag +$4.65/bl on a fob basis, traders said. The buyer was chartering a long-range 1 (LR1) vessel for loading from Bahrain.

East African demand has competed with strong Mideast Gulf requirements in the peak summer season, when domestic fuel consumption for power generation rises to meet higher air-conditioning demand. Saudi Arabia imported substantial amounts ahead of the fasting month of Ramadan that started on 20 July. Its import volumes could fall slightly for September. Temperatures in the Mideast Gulf region have started falling from levels of 48-50°C touched in July, and this could result in lower imports of gasoil into the region. Aramco is expected to buy no more than five or six cargoes for September delivery to the Red Sea ports of Jizan and Jeddah and the Mideast Gulf port of Ras Tanura.

Supply remained tight for high-sulphur cargoes amid higher demand from south Asia, propping up the high-sulphur gasoil market in the region. But Pakistani demand is expected to weaken because of hikes in diesel prices and heavy monsoon rains that have lashed the country since mid-August and could lead to higher power production (see news story).

Pakistan’s state-owned marketer PSO is reviewing offers into its import tender for five 50,000t cargoes of 0.5pc sulphur gasoil for delivery to Karachi on 24-26 September and for October-December. Total, Vitol and Glencore tabled the lowest offers at premiums in a range of $5.57-5.97/bl to spot Mideast Gulf quotes on a cfr basis. The offers stay valid until 7 September.

PSO recently bought a 55,000t cargo for 28-30 August deliv-ery from Vitol at a premium of around $5.95/bl to spot Mideast

Gulf quotes for late-August delivery. The Vitol offer netted back to about Mopag+$4/bl on a fob basis. Higher demand from Pakistan is partly because its term supply from Kuwaiti refiner KPC was hit by a hydrocracker shutdown at the 440,000 b/d Mina al-Ahmadi refinery. But PSO cancelled a 31 August-2 September cargo it had sought, with the cancellation likely to be because of the high premiums offered. Gunvor’s offer was the lowest for the second cargo, at Mopag +$6.48/bl.

KPC’s 200,000 b/d Shuaiba refinery is also experiencing some technical problems and could be shut down until mid-September, traders said.

Sri Lanka’s state-controlled Ceylon Petroleum (Ceypetco) sought to import 300,000 bl of 0.25pc sulphur gasoil through a tender for 19 September delivery to Colombo. The deadline for offers into the tender is 4 September, with the offers valid for another 72 hours. Ceypetco bought a similar amount of 0.25pc sulphur gasoil from an Indonesian trader at a premium of around Mops +$5/bl on a cfr basis for 15-16 September delivery, traders said.

Indian state-controlled refiner MRPL is looking to sell 40,000t of 0.5pc sulphur gasoil through tender for loading from New Mangalore on 10-12 October. It sold the same amount of high-sulphur gasoil during the week at a premium of around Mopag +$3.05/bl for 25-27 September loading. MRPL last week sold a similar amount of 0.5pc sulphur gasoil at Mopag +$2.70-2.80/bl to a Mideast Gulf-based trader for 15-17 September loading, down slightly from its earlier sale of a 7-9 September loading cargo in the low-$3.00/bl range to Mopag.

FUEL OILHigh-sulphur fuel oil (HSFO) 380cst Mideast Gulf premi-ums were steady at $7/t on 3 September amid strong spot buying from Pakistan and supply concerns over fuel oil exports from Venezuela and the Caribbean.

Fuel oil’s discount to Dubai crude stood largely unchanged from a week earlier at $4.81/bl on 3 September.

A fire at state-owned PdV’s 635,000 b/d Amuay refinery in Venezuela will not affect export schedules, the company said late last week. But traders were less convinced, given the extent of the damage including to secondary units and tank storage. But most agreed that stocks are plentiful.

Singapore received 5.4mn t of fuel oil from Venezuela last year out of total imports of 64.47mn t, making Venezuela its fifth largest supplier of fuel oil.

Industry participants also kept an eye on the hurricane season in the Caribbean and its possible impact on production and the arbitrage to Asia-Pacific.

Western arbitrage volumes for September were expected to be around 4.5mn t, but most of the cargoes will arrive in the second half of the month.

Activity in the Fujairah bunker market increased last week, spurred by demand for crude shipments. Fujairah 380cst bunker premiums were around $5/t last week after a period of relatively weak bunker demand, with US and EU sanctions against Iran

Markets




making procurement more difficult for suppliers. Monthly sales volumes are around 1mn t.

Shipping fixtures show BP, Shell and Vitol booking three 80,000t vessels for fuel oil shipments to Fujairah from Ras Tanura, Jubail and Yanbu respectively.

Around 2mn bl of Iranian fuel oil arrived off the Malaysian coast earlier this week on the Hamoon, as Iran struggled to place fuel oil, traders said. Iran’s NIOC was expected to try to sell the fuel oil during next week’s APPEC conference in Singapore.

Pakistan’s state-owned oil marketer PSO will buy 390,000t of HSFO and 165,000t of LSFO for October delivery on a cfr Keamari, Karachi basis through a tender that closed on 29 August with validity until 7 September, traders said.

Saudi trader Bakri will supply four cargoes of HSFO with Vitol and Trafigura supplying the remaining two, at premiums of $25.92-26.54/t to Mopag. Vitol will supply one cargo of LSFO and Mercuria two cargoes of LSFO at premiums around $99.87-109/t to Mops 180cst.

PSO earlier bought eight 65,000t cargoes of HSFO through a tender for August to October delivery at premiums of around $30-$33/t to Mopag.

PSO has another tender for 2mn t of 180cst HSFO, which opens on 30 October with bids remaining valid until 30 November.

Pakistan is likely to increase imports of HSFO as its domestic fuel oil sales increased by 141,000t compared to a year earlier to 962,000t in July. Sales volumes in July are 41pc higher than 684,000t in the previous month.

PSO, which has an 85pc share of Pakistan’s fuel oil market, sold 825,000t of fuel oil to domestic customers in July, 169,000t more than in July 2011.

Pakistan’s fuel imports have risen significantly in the last four years. HSFO imports were 3.69mn t in 2008, 40pc of Pakistan’s total oil imports of 9.2mn t. By 2011, HSFO imports were 48pc of total oil imports of 12.42mn t.

Pakistan’s domestic fuel oil production is typically 2.4mn-2.5mn t/yr, but could fall to 2.1mn t/yr with a new hydrocracker coming on line at the 100,000 b/d Parco refinery.

Prime minister Raja Pervez Ashraf, formerly from Pakistan’s power ministry, is trying to deal with the country’s power crisis by increasing HSFO imports.

The country relies heavily on fuel oil to meet its power generation needs because of a gas deficit of about 21bn m3/yr. This dependence on HSFO puts a sizeable strain on Pakistan’s

energy budget. Pakistan has huge subsidies on power gener-ated from fuel oil, causing financial losses for the government. PSO cancelled a number of cargoes in the first half of this year as a result.

Electricity generated by fuel oil costs up to $150/MWh, but gas-fired power can be more than three times cheaper.

Indian refiners emerged to offer several cargoes for September and October loadings. Private-sector refiner Essar Oil sold 45,000t of maximum 3.5pc 380cst HSFO through a tender for 15-19 September loading from Vadinar to Azeri trader Socar at a discount of around $6-7/t to Mopag.

Essar last sold a similar cargo for 7-11 September loading to Shell at a discount of around $5-6/t to Mopag.

State-controlled refiner MRPL sold one 40,000t cargo of vacuum gasoil to Vitol for 1-3 October loading from New Mangalore at a premium of $6-7/t to the average of Mops October Dubai crude oil quotes.

MRPL has another tender closing on 3 September to sell 80,000t of maximum 4pc 380cst HSFO for 12-14 October loading from New Mangalore, with bids remaining valid until 4 September.

The refiner last sold a similar cargo to Japan’s Marubeni at a discount of $3/t to Mops for 21-23 September loading from the same port.

PetroChina placed the Andromeda Glory on subjects to load 270,000t of HSFO during 5-10 September from the Caribbean to head east.

South Asian refinery turnarounds Sri Lanka’s 50,000 b/d Kelaniya went down unexpectedly on 31 August because of damage to a hose used to transport crude from a single point mooring to the refinery. Rough seas are delaying repairs to the hose, making it difficult to forecast a restart date.

The refinery went down for maintenance for 35 days from 2 July. It was expected to come back up on 5 August but was brought back on line around 10 August. The refinery typically goes down for maintenance twice a year but it has been 2½ years since the last major turnaround. Operator state-controlled Ceylon Petroleum (Ceypetco) typically takes the refinery down for routine maintenance in January or February during the dry season. But the firm has been monitoring the performance of a catalyst change in August last year.

India’s Reliance Industries (RIL) shut a diesel hydrotreater at its 660,000 b/d Jamnagar refinery from 28 August for about 2½

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weeks for routine maintenance, the company said on 27 August. RIL took down a 110,000 b/d desulphuriser at the same refinery on 15 April for 10 days of planned maintenance.

A 2.2mn t/yr diesel hydrotreater is scheduled for mechanical completion by the end of September at Hindustan Petroleum’s (HPCL’s) 120,000 b/d Mumbai refinery in India. A 60,000 b/d crude distillation unit (CDU) at Mumbai that was to shut for 45 days in May and June only went down on 28 July.

A 54,000 b/d CDU and a fluid catalytic cracker (FCC) at Bharat Petroleum’s (BPCL’s) 240,000 b/d Mumbai refinery will go down in September for 10-15 days of planned maintenance.

IOC’s 210,000 b/d Chennai refinery has postponed a planned 10-week upgrade that was to start in early July. The refinery upgrade plans include a 50,000 b/d delayed coker unit, a hydrocracker revamp and a sulphur recovery unit. The upgrade has been delayed to end-2012. The Chennai refinery has been facing technical issues since the end of April.

BPCL brought forward routine maintenance at its 60,000 b/d Numaligarh refinery after a 22,000 b/d hydrocracker was forced to shut because of a fire at the unit on 7 April. Maintenance work was initially expected to last about 30 days but was extended to the end of May. Maintenance was originally scheduled for May but was brought forward to coincide with the unexpected shutdown.

India’s MRPL shut its 300,000 b/d Mangalore refinery on 20 April because of a water shortage following a dispute with local authorities. The refinery restarted on 28 April with two CDUs back in service and a third kept shut for planned maintenance. A 1.2mn t/yr hydrocracker was scheduled to go down for maintenance starting in mid-April for 45 days but the shutdown was advanced by a few days because of the lack of water. The refinery has three CDUs — the 94,000 b/d No 1, 144,000 b/d No 2 and 60,000 b/d No 3 units. The refinery is adding a 900,000 t/yr coker and a new FCC.

Indian private-sector refiner Essar Oil in June completed a project to raise capacity to 400,000 b/d at its Vadinar refinery. It

had shut Vadinar for 35 days starting on 18 September last year to add new units and raise capacity from 280,000 b/d to 360,000 b/d. Essar also raised capacity at a 2.9mn t/yr FCC by 1mn t/yr to 3.9mn t/yr. FCC units usually run straight-run fuel oil or vacuum gasoil to produce gasoline and middle distillates.

There were no turnarounds in the first half of this year at IOC’s 120,000 b/d Barauni refinery. The refinery had mainte-nance in the third quarter of last year.

A FCC will go down for 30 days by May 2013 at IOC’s 275,000 b/d Koyali refinery in Gujarat.

IOC shut a CDU and a FCC at its 150,000 b/d Haldia refinery in eastern India in June for maintenance.

BPCL will bring down a 190,000 b/d CDU and a FCC at the 190,000 b/d Kochi refinery for a month-long turnaround during November this year. A 50,000 b/d coker that was supposed to have come on line next year may be delayed.

Mideast Gulf turnaroundsDubai’s state-owned Enoc will increase capacity at its Jebel Ali refinery by 20,000 b/d to 140,000 b/d. Enoc plans to debottleneck each of the refinery’s two 60,000 b/d conden-sate splitters to 70,000 b/d during December. The refinery’s nameplate capacity is 120,000 b/d but operational capacity is 130,000 b/d.

Kuwait’s state-owned KPC took down units at the 440,000 b/d Mina al-Ahmadi refinery for staggered maintenance during May to mid-July. The refinery on 17 May started 30 days of partial maintenance on a 24,000 b/d eocene topping unit and a 84,000 b/d desulphuriser.

Abu Dhabi’s state-owned Adnoc restarted a 120,000 b/d CDU at its 400,000 b/d Ruwais refinery in June after maintenance that started at the end of March. It also shut down a 140,000 b/d CDU for 35 days in March.

Iran’s 360,000 b/d Isfahan refinery ended a partial mainte-nance turnaround in late May after 23 days. The 180,000 b/d No 1 CDU was shut down during the turnaround. Work was also carried out on the amine treatment unit, sour water treatment unit and the hydrotreating unit for catalyst replacement. The turnaround was a regular maintenance shutdown for key units that take place every 3½ years.

Iran’s 330,000 b/d Bandar Abbas refinery came back on line in mid-March after starting a partial maintenance shutdown in mid-February. A 165,000 b/d CDU at the refinery shut in mid-February for 30 days of planned maintenance but work was also carried out on units including the vacuum distillation unit and the gas and sour water units.

Saudi Aramco upgraded its 325,000 b/d Ras Tanura refinery in March and April. The refinery’s 225,000 b/d CDU and cracker were shut on 16 March for 15 days and 30 days respectively. It also carried out upgrading work on the plant’s 64,000 b/d reformer and 225,000 b/d condensate splitter from mid-March for 36 days and 40 days respectively.

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Price hikes to hit Pakistan demandPakistan hiked prices of transport fuels effective 1 September, with the price increase set to cut into domestic gasoline and diesel demand.

Pakistan raised gasoline prices by 7.77 rupees/litre, or about

8pc, to Rs104.55/l ($1.10/l). Diesel prices went up by Rs5.94/l

or about 5.6pc to Rs111.73/l, on recommendations from the

country’s oil market regulator Ogra.

The latest increase is the third for gasoline and the second

for diesel over the past month. The government increased the

gasoline price by Rs3.21/l on 23 August, only about three weeks

after a Rs7.66/l increase on 1 August. The diesel price was last

increased by Rs4.58/l on 1 August.

The price increases are likely to reverse a surge in gasoline

and diesel sales following a cut in domestic prices in July,

Pakistani traders said. Gasoline consumption in Pakistan in July

rose by 23pc from a year earlier to 305,000t, up by 17pc from

the previous month, on the back of a 10pc drop in the price of

the fuel. Diesel sales rose by 15pc from a year earlier, or by

18pc from June, to 718,000t, on the back of a 5pc drop in the

fuel price.

State-owned oil product marketer PSO late last month

cancelled one of the two 55,000t prompt cargoes it sought to

buy through tender. It bought only one cargo for 28-30 August

delivery from Vitol at Mopag +45.95/bl. PSO has another tender

seeking 250,000t of the same high-sulphur grade in five cargoes

and an optional shipment for delivery on 24-26 September and

during the October-December period.

Pakistan imported just over 2mn t of gasoil in the first half of

this year, marginally lower than the 2.167mn it imported a year

earlier. PSO gets around 3mn t/yr in term gasoil supplies from

Kuwaiti state-owned refiner KPC.

A lack of rain in June and July resulted in lower hydro-electric

power generation in the country, which also increased demand

for diesel and gasoline for use in small power-generators.

Monsoon rains have picked up since mid-August, potentially

boosting hydropower generation. The Pakistan government’s

efforts to restrict gas supplies to the transport sector have also

raised gasoline demand. But the hike will be tempered by the

most recent price increases, industry participants said.

Bangladesh negotiates fuel oil prices Bangladesh’s state-controlled BPC will meet with fuel oil suppliers in Kuala Lumpur this week to negotiate pricing for July-December fuel oil supply.

BPC will meet with Malaysia’s Petco, Dubai’s Enoc and

Vietnam’s Petrolimex to agree pricing for the second half of the

year, having failed to reach an agreement during negotiations

earlier this year in Singapore. Indonesia’s Bumi Siak is also a

fuel oil supplier to Pakistan but is not involved in the negotia-

tions, having supplied just one cargo over the January-June

term period. Bangladesh paid premiums of $40.80/t to Mops

over the first half of this year, but sellers will press for higher

premiums.

Bangladesh will import 700,000-800,000t of fuel oil over

July-December after a sharp fall in imports in the first six months

of this year. Bangladesh bought just under 350,000t of fuel oil in

2011, with imports hit by the power board’s refusal to pay high

prices for electricity generated from fuel oil.

Fuel oil imports were particularly low from March to May this

year, causing severe electricity shortages. The government

has asked all power plants to run at full capacity from July.

Demand for electricity peaks during the Islamic fasting month

of Ramadan, with power stations now consuming 2,500 t/d of

fuel oil. Power stations typically used less than 1,500 t/d from

January-June this year.

Bangladesh plans to increase fuel oil imports to 1.3mn t

next year as severe electricity shortages force the govern-

ment to rely on fuel oil-powered generation. The country’s

33,000 b/d Chittagong refinery produces only 30,000 t/month

of fuel oil.

Japan’s naphtha imports pick up in JulyJapan imported less naphtha in January-July this year compared to 2011, but imports have been picking up.

Imports of naphtha were 8.8mn t in January-July this year,

down by 1.5mn t on a year earlier.

Weak petrochemical margins were the main reason for the

fall, although refinery shutdowns in 2011 drove Japan to import

more naphtha, industry participants said.

But Japan imported 1.44mn t of naphtha in July, 300,000t

more than in the same month last year. India shipped 290,000t

in July, up from 140,000t a year earlier. South Korea was the

next largest supplier, exporting 230,000t of naphtha to Japan

compared to 170,000t in July last year. Kuwait was the third

largest supplier at 212,000t, marginally higher than in July

2011.

India restored its position as the top supplier of naphtha to

Japan in the January-July period, increasing exports by 390,000t

from a year earlier to 1.55mn t. South Korea was the second-

largest supplier in January-July, shipping 1.38mn t. It was the

top supplier in the year-earlier period with exports of 1.53mn t.

Kuwait was third, with its exports falling by around 142,000t from

a year earlier to 1.17mn t in January-July this year.

News




Issued tenders

Issuer Trade Timing fob/cfr location Close Valid

Adnoc Sell 2 x 40,000t of 0.001pc sulphur gasoil 3-5 Oct, 15-17 Oct fob Ruwais 05 Sep 07 Sep

ARC Sell 30,000t of jet fuel 23-25 Sep fob Aden 04 Sep 05 Sep

BPC Sell 170,000 bl of naphtha 24-26 Sep fob Chittagong 06 Sep 13 Sep

BPCL Sell 35,000t of low-aromatic naphtha 2-4 Oct fob Mumbai 05 Sep 06 Sep

Ceypetco Buy 300,000 bl of 0.25pc sulphur gasoil 19 Sep des Colombo 04 Sep 07 Sep

Ceypetco Buy 280,000 bl of gasoline 22-23 Sep cfr Colombo 04 Sep 07 Sep

Ceypetco Buy 160,000 bl or 240,000 bl of gasoline 28 Sep cfr Colombo 11 Sep 14 Sep

Ceypetco Buy 70,000 bl or 150,000 bl of 0.25pc s gasoil 28 Sep des Colombo 11 Sep 14 Sep

IOC Sell 35,000-40,000t of heavy full-range naphtha 18-20 Sep fob Dahej 06 Sep 07 Sep

KPC Sell 74,000t of naphtha 4-7 Oct fob Kuwait 04 Sep 04 Sep

MRPL Sell 40,000t of 0.5pc sulphur gasoil 10-12 Oct fob New Mangalore 03 Sep 04 Sep

MRPL Sell 35,0000t of full-range naphtha 3-5 Oct fob New Mangalore 03 Sep 04 Sep

MRPL Sell 25,000t of 92R gasoline 7-9 Oct fob New Mangalore 03 Sep 04 Sep

Pertamina Buy 100,000 bl of 92R gasoline 28-30 Sep cfr Jakarta 06 Sep 07 Sep

Petron Buy 250,000 bl of 0.05pc sulphur gasoil 1-3 Oct cfr Limay, Bataan 04 Sep 04 Sep

Petron Buy 80,000 bl of jet fuel 29 Sep-3 Oct cfr Limay, Bataan 05 Sep 05 Sep

PSO Buy 5 x 50,000t cargoes of 0.5pc sulphur gasoil 24-26 Sep, Oct-Dec cfr Karachi 29 Aug 07 Sep

PSO Buy 315,000t of gasoline Oct-Dec cfr Karachi 29 Aug 07 Sep

Deals done

Seller Buyer Product Delivery Volume Unit Diff Basis Price ($) Timing Loading Discharge

Essar Oil Vitol Naphtha LR1 Mideast Gulf fob fob 30,000 t Mopag +24.50 11 Sep-20 Sep Vadinar

Essar Oil Socar Fuel oil HS 380 cst cargo Mideast Gulf fob 45,000 t Mopag -7.00 15 Sep-19 Sep Vadinar Fujairah

ONGC Socar Naphtha LR1 Mideast Gulf fob fob 35,000 t Mopag +32.50 13 Sep-14 Sep Mumbai

ONGC Unipec Naphtha LR1 Mideast Gulf fob fob 35,000 t Mopag +39.00 23 Sep-24 Sep Hazira

Indian Oil Company Unipec Naphtha LR1 Mideast Gulf fob fob 35,000 t IOC formula +34.50 18 Sep-20 Sep Dahej

Bharat Petroleum (BPCL) Unipec

Naphtha LR1 Mideast Gulf fob fob 18,000 t Mopag +17.50 20 Sep-25 Sep Mumbai

Bharat Petroleum (BPCL) Glencore

Naphtha LR1 Mideast Gulf fob fob 11,000 t Mopag +3.00 18 Sep-22 Sep Haldia

Mangalore Refinery Marubeni CorporationFuel oil HS 380 cst cargo Mideast Gulf fob 80,000 t Mops -3.00 21 Sep-23 Sep

New Man-galore

Mangalore Refinery Vitol Gasoil 0.5% Singapore fob 40,000 t Mopag +3.05 25 Sep-27 Sep New Man-galore

Mangalore Refinery Unknown Jet-kerosine Mideast Gulf fob fob 36,000 t Mops -0.50 05 Oct-09 OctNew Man-

galore

Galana Ministry of Energy KenyaGasoil 0.05% Mideast Gulf fob 54,000 t Mopag +42.38 25 Sep-27 Sep Mombasa

GAPCO Ministry of Energy KenyaGasoil 0.05% Mideast Gulf fob 80,000 t Mopag +34.80 09 Oct-11 Oct Mombasa

Addax Ministry of Energy KenyaJet-kerosine Mideast Gulf fob cfr 64,000 t Mopag +29.18 03 Oct-05 Oct Mombasa

Bahrain National Oil Company Unknown

Gasoil 0.05% Mideast Gulf fob 40,000 t Mopag +4.95 15 Nov-30 Nov Sitra

Bahrain National Oil Company Unknown

Jet-kerosine Mideast Gulf fob fob 60,000 t Mopag +2.80 15 Nov-30 Nov Sitra




Recent Freight ActivityVessel Charterer Product Load Port Discharge Port Volume (‘000 t) Load Date

Fr8 Reginamar Glencore Gasoline West Coast India USAC 60 15-Sep-12Iris Victoria Total Gasoline West Coast India Singapore 60 14-Sep-12TBN Glencore Gasoline West Coast India Singapore 60 13-Sep-12Cape Tampa Gunvor Gasoline Sikka Mideast Gulf 60 13-Sep-12SCF Alpine BP Gasoline West Coast India Singapore 60 13-Sep-12Galway Spirit BP Gasoline Mideast Gulf West 90 10-Sep-12SCF Progress Gunvor Gasoline Sikka Aden 60 8-Sep-12Maersk Progress Nyala Gasoline Mideast Gulf East Africa 80 8-Sep-12Anna Victoria Mercuria Gasoline Sikka Singapore 60 6-Sep-12Classy Victoria Total Gasoline Mideast Gulf Japan 60 5-Sep-12Pacific Marchioness Trafigura Gasoline Port Sudan Aden 35 3-Sep-12Jag Amisha Mercuria Gasoline West Coast India Singapore 60 2-Sep-12Sanmar Stanza Trafigura Gasoline Mumbai Singapore 35 1-Sep-12CPO Japan Gunvor Gasoline Sikka Jeddah 35 1-Sep-12Navig8 Malou Trafigura Gasoline Sohar Kaz 19 1-Sep-12Haima Marubeni Naphtha Mideast Gulf Japan 75 19-Sep-12Bani Yas Titan Naphtha Ruwais Pasir Gudang 55 18-Sep-12SKS Donggang Total Naphtha Mideast Gulf Japan 75 18-Sep-12Ocean Venus Total Naphtha Hazira Japan 35 10-Sep-12Limerick Spirit Marubeni Naphtha Mideast Gulf Japan 75 10-Sep-12Eternal Diligence Itochu Naphtha Mideast Gulf Japan 55 9-Sep-12BW Danube Total Naphtha Mideast Gulf Japan 55 5-Sep-12Iver Exact Trafigura Naphtha Mideast Gulf Japan 55 5-Sep-12Maersk Piper Total Naphtha Mideast Gulf Japan 75 5-Sep-12Ocean Mercury CNR Naphtha West Coast India Japan 35 3-Sep-12Po Yang Hu Shell Naphtha Mideast Gulf Japan 55 2-Sep-12Cape Enterprise Honam Naphtha Mideast Gulf Japan 75 2-Sep-12Arctic Bridge Vitol Naphtha Fujairah Sohar 35 1-Sep-12Navig8 Honor ENOC Naphtha Mideast Gulf Japan 55 1-Sep-12Maersk Princess BP Jet Mideast Gulf UKC 90 15-Sep-12Atlantic Eagle Total Jet New Mangalore UKC 40 13-Sep-12Maersk Elisabeth Cepsa Jet Yanbu West Mediterranean 33 8-Sep-12Pretty Scene Mercuria Jet Ras Laffan Mesaieed 40 6-Sep-12Mariann KPC Jet Kuwait UKC 65 3-Sep-12TBN Chevron Jet Sikka West 65 30-Aug-12Alburaq Shell Jet Mideast Gulf UKC 90 28-Aug-12Torm Maren PetroChina Gasoil Far East options 90 10-Sep-12Pink Star Petrobras Gasoil Sikka Brazil 90 9-Sep-12TBN BP Gasoil STS Beira Durban 35 8-Sep-12Omodos Engen Gasoil Sikka South Africa 35 7-Sep-12CSC Brave Aramco Trading Company Gasoil Sikka Gizan 35 6-Sep-12SKS Darent Reliance Gasoil Sikka UKC 90 5-Sep-12BW Kronborg Aramco Trading Company Gasoil Sikka Jeddah 60 2-Sep-12Eships Maya Emarat Gasoil Jebel Ali Sharjah 25 1-Sep-12UACC Ibn Sina Reliance CPP Sikka USA 60 15-Sep-12Seto Express Total CPP Sikka Mideast Gulf 40 15-Sep-12Enjoy Total CPP Rabigh West 60 15-Sep-12Merkur O. Aramco Trading Company CPP West Coast India Mideast Gulf 60 14-Sep-12Kong Qe Zuo Marubeni CPP Mideast Gulf Japan 55 14-Sep-12Nordic Anne KPC CPP Kuwait options 60 12-Sep-12Omodos Engen CPP West Coast India West Africa 35 7-Sep-12Miss Bendetta Shell CPP Qatar UAE 35 4-Sep-12Maersk Matsuyama BP CPP Bahrain UAE 35 4-Sep-12Fontini Lady Shell CPP Qatar UAE 60 3-Sep-12Limerick Spirit ENOC CPP Mideast Gulf East 90 2-Sep-12Silvaplana Nyala CPP Mideast Gulf East Africa 80 2-Sep-12United Fortitude Aramco Trading Fuel Oil Mideast Gulf Yanbu 80 20-Sep-12Mire Socar Fuel Oil Vadinar Fujairah 45 15-Sep-12Zarifa Aliyeva Aramco Trading Fuel Oil Mideast Gulf Red Sea 130 15-Sep-12United Grace PetroChina Fuel Oil Singapore Malacca 80 11-Sep-12Samco America Vitol Fuel Oil Rotterdam Singapore 270 11-Sep-12Phoenix Concorde Gunvor Fuel Oil Singapore North China 80 10-Sep-12Andromeda Glory PetroChina Fuel Oil Caribbean East 270 10-Sep-12Stavanger Viking PetroChina Fuel Oil Kuwait East 80 10-Sep-12BW Luna PetroChina Fuel Oil Caribbean China 270 10-Sep-12British BP Fuel Oil Ras Tanura Fujairah 80 9-Sep-12Asmaa Vitol Fuel Oil Yanbu Fujairah 80 9-Sep-12Four Island Shell Fuel Oil Jubail East 80 8-Sep-12Aldawha Vitol Fuel Oil Yanbu Fujairah 80 7-Sep-12Premuda Shell Fuel Oil Mideast Gulf Fujairah 80 6-Sep-12Akaki KPC Fuel Oil Kuwait Pakistan 65 5-Sep-12Ocean Trader Gunvor Fuel Oil Mangalore opts 80 5-Sep-12Super Lady Petco Fuel Oil Fujairah East 80 5-Sep-12Olympic Spirit II Vitol Fuel Oil Kuwait Singapore 80 4-Sep-12

Argus Mideast Gulf and Indian Ocean Products...2012/09/04 · UACC Ibn Al Atheer Jebel Ali (Vitol)...

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Transcript of Argus Mideast Gulf and Indian Ocean Products...2012/09/04 · UACC Ibn Al Atheer Jebel Ali (Vitol)...