Petron seeks up to 3-M barrels of gasoil for Feb-Aug

Posted at 01/10/14 11:34 AM

SINGAPORE - The Philippines' Petron Corp is seeking up to 3 million barrels of gasoil for delivery over February to August, likely due to continued firm domestic demand, industry sources said on Friday.

It is seeking either five to 10 cargoes of 200,000 to 300,000 barrels each or 10 to 20 cargoes of 100,000 to 150,000 barrels each of 500 ppm sulphur gasoil, one of the sources said.

The cargoes are for delivery into Limay, Bataan with the first cargo to be delivered over Feb. 13 to 15.

The tender closes on Jan. 16, and is valid until Jan. 23.

Petron last sought up to 1.75 million barrels of gasoil for the fourth quarter of last year in a rare term tender. The company usually procures gasoil in the spot market and had not issued a term tender for at least the past five years prior to that.

Annual growth in the Philippines cooled to its lowest in more than a year in the third quarter of last year, but the economic planning agency still expects full-year 2013 GDP growth to be close to the top end of Manila's 6-7 percent goal.

Manila is expected to release 2013 GDP in the last week of January. Manila is targeting 6.5 to 7.5 percent GDP growth in 2014.

Gasoil is closely linked to a country's economy as the fuel is used in the construction sector.