Ioc Issues Second Gasoline Import Tender

State-owned Indian Oil Corp (IOC) has issued a second prompt gasoline import tender due to a shortfall because of refinery maintenance shutdowns, an industry source said yesterday.

"Actually there are some turnarounds," the source said about IOC's emergence in the spot market. The source was unable to provide more detail on the shutdowns.

In the second tender to buy 25,000 tonnes of 87-octane, 0.15 grams per litre leaded gasoline, IOC is seeking a cargo for Madras or Haldia on the east coast between October 6-10. The tender closes September 18 and is valid for a day.

Last week, IOC issued tender for a similar cargo for delivery to Kandla on the west coast between September 26-30.

It closes on September 11 and is valid for a day. IOC last purchased gasoline by tender in June when the 150,000 barrel-per-day Cochin refinery underwent a five-day emergency shutdown. It bought one cargo for June 18-22 delivery at $43 per tonne above Mideast naphtha quotes and another at more than $30 premium for June 26-30 delivery. Both cargoes were awarded on a cost-and-freight Bombay basis.

Since then, IOC has re-emerged twice in the spot market for supplies. But tenders, for delivery in August and September, were cancelled. IOC sources earlier said the August tender was cancelled due to ample supplies, while a tender seeking September 23-27 delivery was cancelled because the "offer prices were too high."