Lanka IOC seeks over 70,000 T gasoil, gasoline for May

SINGAPORE (Reuters): Lanka IOC Plc, the Sri Lankan arm of India’s state petroleum company Indian Oil Corp Ltd, is seeking more than 70,000 tonnes of gasoil and gasoline for delivery in May, after skipping April imports, traders said on Monday.

The company is seeking a combination cargo of 19,000 tonnes of 0.25 percent sulphur gasoil and 11,000 tonnes of 90-octane gasoline for delivery into Trincomalee over May 2-4. Lanka IOC is also seeking a combination cargo of 18,000 tonnes of 0.25 percent sulphur gasoil, 5,000 tonnes of 0.5 percent sulphur gasoil, 3,000 tonnes of 500 ppm sulphur diesel and 15,000 tonnes of 90-octane gasoline. The cargo is for delivery to Colombo over May 9-11.

The tender closes on April 4 and is valid until April 5. Lanka IOC last bought two combination cargoes totalling 36,000 tonnes of gasoil and gasoline for delivery in March from Vitol at a premium of about $2.70 per barrel to benchmark Singapore gasoil and gasoline quotes, traders said. The company buys gasoline and gasoil on a spot basis to distribute to the more than 150 fuel stations it owns and operates in the country.