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LUKoil Begins Fuel Oil Trading

LUKoil has bought its first ever Saudi fuel oil cargo, traders said Thursday.

LUKoil is starting fuel oil trading in the Middle East, and the Saudi purchase comes less than a week after it won a tender to supply a 65,000-ton high-sulfur fuel oil cargo to Pakistan State Oil.

Pakistani demand, mostly for 180-centistoke utility fuel, is largely supplied from the Middle East, while the Saudi cargo is bunkers grade 380 cSt.

The Russian major's trading arm, Geneva-based Litasco, bought up to 90,000 tons of 380 cSt, for May 29 to 31, lifting from Saudi Arabia's Jubail at a discount of $13 to $14 a ton to Singapore spot quotes on a free-on-board basis.

Meanwhile, Litasco booked the Vega Star supertanker to sail to Singapore from Rotterdam next month, according to reports from five shipbrokers.

The ship, which can carry 2 million barrels of oil, was chartered for June 8 at a cost of $3.85 million, according to reports Wednesday including from Athens-based Optima Shipbrokers. One of the brokers said the tanker was carrying fuel oil.

(Reuters, Bloomberg)

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