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India buys 75,000 tones more of fuel oil in April

SINGAPORE: State-owned Indian Oil Corp (IOC) purchased 75,000 tonnes of high sulphur fuel oil for delivery in April adding to the 25,000 tonnes acquired in an earlier tender, industry sources said.

The three latest cargoes of 25,000 tonnes each were awarded to Swiss trader, Glencore.

IOC purchased the first cargo for delivery to Bombay April 21-25 at $11.52 over Mideast quotes on a cost-and-freight (c-and-f) basis.

The second cargo for delivery April 21-25 to Bombay/Goa was purchased at $12 over Mideast quotes and the third cargo was awarded at $11 premium for delivery April 26-30 to Bombay/Kandla.

In a tender which closed in the first week of April the IOC had purchased a 25,000-tonne cargo from Glencore at $10.10 over Mideast quotes for April 16-20 c-and-f Bombay/Goa.-Reuter