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MRPL sells jet fuel, first time since Jan ’07

Posted by Yogesh on Monday, 8 September, 2008

NEW DELHI, Sept 8 – Indian state-run refiner MRPL has agreed its first sale of jet fuel since January last year, and a company source said exports would continue as they offered better margins than diesel.

“We go by market economics, so we have resumed exporting jet fuel … We will continue to export ATF,” said an MRPL official, who could not be named.

Earlier a trade source told Reuters MRPL had awarded a 36,000-tonne jet fuel cargo to ENOC Singapore Pte Ltd, to be loaded in the third week of September at a premium of around $4.50 a tonne to Arab Gulf quotes.

MRPL last sold a jet fuel cargo, of a similar size, to trading house Glencore in January 2007. It fetched a premium of $21.3 to $21.5 a tonne to Singapore quotes.

Asia’s gas oil contango widened on Monday, as the market was mired in heavy supplies and a lack of imports into China.

By contrast, jet fuel stocks in the Amsterdam-Rotterdam-Antwerp hub were lower, helping boost the jet-kerosene’s cash differential.

Source Reuters

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