10 April 2013 16:28 [Source: ICIS news]
SINGAPORE (ICIS)--Taiwanese refiner Formosa Petrochemical Corp (FPCC) has awarded a tender offering 300,000 barrels of May-loading jet kerosene, a company source said on Wednesday.
The jet kerosene cargo, which is for loading from 8-12 May from port facilities at the FPCC refinery at Mailiao, Taiwan, was sold to Sinopec Hong Kong at Singapore market quotes minus 5 cents/bbl FOB (free on board) Mailiao.
The tender had closed on 9 April, and bids had validity until later the same day.
FPCC last awarded a tender offering 300,000 barrels of jet kerosene for loading on 27-31 March to Shell Singapore at Singapore market quotes plus 50-55 cents FOB Mailiao. FPCC did not offer any April loading jet-kerosene cargoes due to refinery maintenance.
Trade differentials to Singapore market quotes have turned negative for jet-kerosene cargoes in Asia. Demand from the airline sector has been weak.
Meanwhile, despite scheduled refinery maintenance in the second quarter the market remains well supplied. The continued closure of the arbitrage window for moving jet cargoes from Asia to Europe and the US West Coast has also contributed to a build in stocks in Asia.
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