Trader wins Morocco base oils tender at a premium

08 April 2008 16:56  [Source: ICIS news]

LONDON (ICIS news)--A European trader has been awarded a one-year base oils buy tender at a $30/tonne (€19/tonne) premium to published export prices by Moroccan refiner Samir, a company source said on Tuesday.

 

The premium agreed on the deal was attributed to tight market conditions in Europe.

 

The deal was to supply six bi-monthly cargoes each of 1,400 tonnes of SN150 and 2,400 tonnes of SN500.

 

European export values were last assessed at $995-1,005/tonne and $990-1,000/tonne FOB (free on board) Europe respectively.

  

“At the moment it is a sellers market. There is no product left in the Mediterranean,” the trader said.

 

Base oils are used in the manufacture of lubricants and additive packages.

 

($1 = €0.64)

By: Shelley Kerr
+44 20 8652 3214

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