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S.Aramco & Exxon Offer up to 90,000T of May Fuel Oil

Source: Reuters 4/9/2013, Location: Middle East

Saudi Aramco Mobil Refinery Company (SAMREF) is offering up to 90,000 tonnes of high viscosity fuel oil from its 400,000-barrel per day (bpd) Yanbu refinery in May, traders said.

The 700-centistoke (cst) cargo is scheduled to load between May 5 and 9, traders said, adding that the tender closes April 15, with validity extending to April 16.

Besides the high viscosity, the Yanbu cargoes are also high in density and sulphur and can be sold into either the Singapore or Fujairah bunker-blending market.

A March loading cargo of the Yanbu 700-cst cargo traded at a discount of $22 a tonne to the Singapore benchmark on a free-on-board (FOB) basis.

In 2012, a similar sized cargo for loading in early May was sold at a discount of $28 a tonne to the Singapore benchmark, but traders said it was more likely these cargoes would be transacted closer to a discount of about $20 to $22 a tonne.

The Yanbu refinery has been on planned maintenance since March 10 and is expected to be back online by the end of the month, traders said.

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