Business

Yemen’s Aden Refinery buys 720,000 T gasoil for October to December

National Yemen


Yemen’s Aden Refinery buys 720,000 T gasoil

Yemen’s Aden Refinery Co bought 720,000 tonnes of high sulphur gasoil for delivery over October to December, industry sources said on Tuesday.

The refinery bought 12 cargoes of 60,000 tonnes each of 0.5 percent sulphur gasoil at premiums ranging from mid $4 to low $5 a barrel above Middle East 0.25 percent sulphur gasoil quotes, the sources added.

The sellers were Kuwait’s Independent Petroleum Group, trader BB Energy, Energen and oil traders Vitol and Trafigura, they said.

“The highest premium was for cargoes for delivery in October,” a Gulf-based source said.

The refinery last bought 600,000 tonnes of the high sulphur gasoil grade for delivery from July to September, from IPG, Trafigura, Vitol, Energen and Horizon Energy at premiums of $3.60 to $4.80 a barrel to Middle East quotes.

Yemen, which relies on crude exports to finance up to 70 percent of budget spending, has suffered frequent bombings of its main pipeline since an anti-government uprising broke out in 2011.

Tribesmen bombed Yemen’s main oil pipeline in the central Maarib province earlier this month, a government official said, the fourth attack on the pipeline in a month.

The attack, which stopped oil flows from the Maarib fields to the Ras Isa oil terminal on the Red Sea, caused a fire and damage to the pipeline about 40 km or 25 miles from where it starts in Maarib, the official said.