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KPC Sell VLSFO via Term Tender

OIL PRODUCTS

Kuwait’s KPC has sold VLSFO via a term tender for loading between Jan-Jun 2024 according to Reuters sources.

  • It was awarded at a discount of $7 to $8 per metric ton to Singapore 0.5% VLSFO cargo quotes, on a free-on-board (FOB) Kuwait basis.
  • It was likely sold to an oil major according to the sources.
  • KPC offered 80,000 to 120,000 metric tons of VLSFO to be lifted per month in the first half of 2024 via a tender that closed earlier this week.
  • The refiner has been selling more HSFO than VLSFO recently on a spot basis.
  • Tenders by KPC offer insight into the ramp up of its Al Zour refinery – set to be a major global fuel oil supplier. The ramp up of this refinery is expected to create a material reduction in Kuwait crude exports too.
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