ISLAMABAD: Pakistan State Oil (PSO) plans to buy one million tonnes of high-sulphur fuel oil from Kuwait Petroleum Corp (KPC) for delivery this year, a PSO spokesperson said on Thursday.
“PSO is in the process of concluding a deal for the purchase of a part of the total amount, at 750,000 tonnes, on 30 days of credit,” the spokesperson said.
“We will pay a premium of $15.50 per tonne to the market price,” she added.
Pakistan imports about 80 per cent of its oil. It spent $5.46 billion on the import of six million tonnes of petroleum products and 3.7 million tonnes of crude oil in the first six months of the 2010/11 (July-June) financial year.
PSO has bought up to 1.08 million tonnes of utility fuel oil, for January to March delivery, traders said this week.
It bought 10 high-sulphur cargoes (HSFO) of 65,000 tonnes each, including five 125-centistoke (cst) parcels and another five 180-cst lots, as well as another four low-sulphur cargoes (LSFO) of less than one per cent sulphur content.