The fuel shortages faced by Pakistan in the last few months has resulted in Pakistan State Oil (PSO) relying on a single company for the bulk of its requirements.
According to sources Dubai-based trader Coral Energy has become the largest supplier of fuel to Pakistan. Coral Energy won tenders to sell eight fuel oil cargoes to PSO during April-August. This is equivalent to more than 475,000 tonnes of fuel oil out of the total 992,500 tonnes of fuel oil imported by Pakistan in the first half this year.
The company recently sold two cargoes of high sulphur fuel oil (HSFO) cargoes to PSO on a cost and freight (C&F) basis at premiums of $77 and $78. The cargoes are to be delivered in the first half of the current month. Coral Energy has submitted its proposal for tenders issued by PSO for the third and fourth weeks of August. However, it is not clear whether PSO has accepted the offer or not.
