Taiwan's CPC Corp. offers March jet fuel in rare move
Taiwan's CPC Corp. is seeking to sell jet fuel for export in March, its first such offer in nearly three years, three trade sources said on Tuesday.
The state-owned oil major issued a sales tender for either 100,000 bbl–150,000 bbl of jet fuel or 150,000 bbl of jet fuel and 150,000 bbl of 10-ppm sulfur gasoil sold as a combined cargo, they added.
The cargo will load from March 6–22, a document reviewed on Wednesday showed. The tender closes on February 19 with validity until February 20, a source said on Tuesday.
The rare move was attributed to the refiner having higher than expected stockpiles of the aviation and heating fuel, a second source said on Tuesday, though further details could not be confirmed.
CPC Corp. typically has been a spot buyer of jet fuel, procuring up to four 300,000-bbl cargoes last year, tender records show.
The refiner last sold one 300,000-bbl cargo of 10-ppm sulfur gasoil for March 16–22 loading at a discount of $0.20–$0.30 per barrel.
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