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Egypt seeks up to 105,000 tonnes gas/oil for April-May: Trade

Increased demand follows in the wake of attacks on Sinai gas pipeline, hampering supplies to the region

Reuters, Tuesday 22 May 2012
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State-owned Egyptian General Petroleum Corp (EGPC) is seeking up to 105,000 tonnes of gasoil in two separate tenders in the spot market, after buying 735,000 tonnes of gasoil for March-June this month, industry sources said on Wednesday.

Egypt is one of several countries in Africa and the Middle East buying more gasoil this year, leading to tight supplies and higher premiums for the product.
 
Egypt's increased demand follows a series of attacks on a natural gas pipeline that runs from Egypt to Israel, cutting off supplies to the region and increasing demand for power generation fuel gasoil.
 
The country is seeking two cargoes of 34,000 to 36,000 tonnes each of 0.2 per cent sulphur gasoil for delivery into Suez port over April 16-18 and May 15-17. The tender closes on 2 April.
 
It is also seeking 30,000 to 33,000 tonnes of the same product for delivery into El Dekheila port over 21-23 April. The tender closes on 4 April.
 
Egypt earlier bought 14 cargoes of gasoil for delivery R El Dekheila and five cargoes for delivery into Alexandria over March-June from Glencore, Eminent and Chinaoil at premiums of $19.90 to $21.50 a tonne to Mediterranean quotes.
 
It also bought two cargoes for delivery into Suez over March and June from Vitol at a premium of about $7 a barrel to Middle East quotes.
 
Egypt is hoping to cut energy subsidies that are eating up 20 per cent of its state budget by switching to greater use of natural gas from more expensive fuel oil and diesel.
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