November 11, 2019 / 11:19 AM / a month ago

Surgut sells up to 1.8 million T fuel oil via Ust-Luga to Gunvor, Horizon

MOSCOW (Reuters) - Russian oil producer Surgutneftegaz has sold up to 1.8 million tonnes of fuel oil produced for delivery from the Baltic Sea port of Ust-Luga to traders Gunvor and Horizon, three industry sources told Reuters on Monday.

The straight-run fuel with sulfur content of up to 3% is produced at the Kirishi refinery and is for delivery between January and March 2020.

Traders estimate premiums of around a $116-$118 a tonne to monthly average quotations for fuel oil with a sulfur content of 3.5% on NWE barges FOB Rotterdam/NWE cargoes CIF Basis ARA as published by Platts.

Surgutneftegaz does not comment on its trading activity.

Previously, Surgutneftegaz sold Total and Vitol up to 7.8 million tonnes of fuel oil produced at Kirishi for delivery between Jan. 1 and Dec. 31, 2019.

Reporting by Natalia Chumakova; editing by Jason Neely

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