Vietnam's Petrolimex seeks up to 1.05 mln tons gasoil for 2012

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Vietnam's Petroleum Import-Export Corp., or Petrolimex, is seeking up to 1.05 million tons of gasoil for delivery over January to December next year through a tender, industry sources said on Monday.

The state-owned company is seeking up to 30 cargoes of 35,000 tons each of 0.25 percent and 500 ppm sulphur gasoil for loading from Asia.

Twelve of the cargoes are to be loaded from Korea, Japan's Okinawa port or North China, 10 cargoes loaded from Taiwan or South China and eight cargoes from either Singapore or Thailand.

The tender closes on Nov. 16 and is valid until Nov. 22.

While the contract is for a year, the price will be reviewed every six months, one of the sources said. The volumes the company will require for next year appear to have reduced from its current contracts, but the reason for the reduction was not clear.

Petrolimex has a current term with five suppliers, including Kuwait Petroleum Corp. and South Korea's SK Energy to import about 1.26 to 1.52 million tones of 0.25 percent and 500 ppm sulphur gasoil for this year.

It paid premiums ranging from parity to about 10 cents a barrel for the 500 ppm sulphur gasoil and at discounts of 20 to 30 cents a barrel for the 0.25 percent sulphur gasoil, to the 0.25 percent sulphur Singapore quotes.

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