EGPC ... makes a large monthly purchase
Egypt buys up to 483,000 tonnes gasoil for February
SINGAPORE, January 26, 2015
Egyptian General Petroleum Corp (EGPC) bought up to 483,000 tonnes of gasoil for delivery in February, trade sources said.
Egypt's large monthly purchase is expected to support gasoil margins in Asia and the Middle East, from where more than half the cargoes likely will be shipped, they added.
The state-owned firm bought six cargoes of 30,000 to 33,000 tonnes each of gasoil for delivery into Alexandria over February 1 to 3, February 7 to 9, February 11 to 13, February 16 to 18, February 22 to 24 and February 26 to 28 from BP, Litasco and Glencore.
It paid a premium of about $25 a tonne above Mediterranean quotes, the traders said.
EGPC also bought five cargoes of 34,000 to 36,000 tonnes each of 0.1 percent sulphur gasoil for delivery into Suez port over February 1 to 3, February 8 to 10, February 14 to 16, Feb. 16 to 18 and Feb. 25 to 27 from Mercuria and Vitol at a premium of $4.50 to $5 a barrel above Middle East quotes.
It also bought three cargoes of 35,000 tonnes each of gasoil for delivery into Ain Sukhna terminal over Feb. 3 to 5, Feb. 13 to 15 and Feb. 21 to 23 from Vitol at a premium of about $3.40 to $3.50 a barrel above Middle East quotes.
EGPC could not immediately be reached for comment.
Egypt is going through its worst energy crisis in decades and became a net energy importer over the last few years. --Reuters
