IOC seeks 11,300T high-sulphur, low-density fuel oil for February

SINGAPORE, Jan 12 (Reuters) Indian Oil Corp. (IOC) has issued its regular monthly tender seeking 11,300 tonnes of mid-February high-sulphur, low-density fuel oil amid a tightening market, traders said on Friday.

The two 125-180-centistoke (cst) cargoes, of 3.2 percent sulphur and 0.97 density, are for Feb. 15-19 delivery on a two-port discharge and cost-and-freight (C&F) basis.

The first portion is a 6,300-tonne lot for delivery to Tuticorin, while the second is a 5,000-tonne parcel for delivery to Kochi.

The tender closes on Jan. 17 and will remain valid till a day later.

IOC is expected to pay higher premiums for the current tender compared to its last deal as the market has tightened considerably, traders said.

IOC's last import, of a December-delivery cargo, was purchased from Middle East trader FAL Oil at a premium of a tonne to Middle East spot quotes.

REUTERS CS DB1145