Egypt buys 18-20 gas oil cargoes in tender

State-owned Egyptian General Petroleum Corp (EGPC) has awarded a tender to buy 18-20 cargoes of gas oil between March and June, traders said on Thursday.

Over half of the cargoes were awarded to trading giant Glencore, a trader said.

Energy trading firm Eminent was awarded several cargoes for delivery over the period, and PetroChina, Asia’s top oil and gas producer, won for cargoes for delivery in April and June, he said.

March cargoes were awarded at $20.25-$21.50 a tonne premiums to Mediterranean quotes, while April-June deliveries were awarded at .

90-$20.50 a tonne premiums.

Egypt has been forced to issue regular gas oil tenders to fill in for disruptions to supply caused by a series of attacks on a natural gas pipeline that runs from Egypt to Israel.

Regional demand for gas oil, which can also be used to generate power, has jumped as Jordan and Israel have also been forced to stock up on the fuel in anticipation of further attacks.

Source: Reuters


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