December 3, 2018 / 10:16 AM / 9 days ago

Taiwan's Formosa Petrochemical seals 2019 gasoil, jet fuel term contracts

SINGAPORE (Reuters) - Taiwan’s Formosa Petrochemical Corp has finalised its term contracts to sell diesel and jet fuel for loading in 2019, at volumes and price levels mostly steady from this year, trade sources said on Monday.

The refiner has sealed its one-year term contract for diesel with 10 parts per million (ppm) sulfur at a premium of 15 to 25 cents a barrel to Singapore quotes, they said.

That compares to a premium of 22 cents a barrel premium for 2018 term contracts, they added.

Formosa has also finalised its 500 ppm sulfur gasoil for 2019 at a discount of 50 cents to 60 cents a barrel to Singapore quotes versus this year’s discount of 65 cents a barrel.

The prices for gasoil contracts vary depending on whether the buyer lifts it monthly or quarterly, two of the sources said.

For jet fuel, it finalised the term contracts at a premium of 5 cents a barrel to Singapore quotes, down 3 cents from this year’s term contract, the sources said.

Volumes were generally close to this year’s term deals, the sources added.

A Formosa spokesman could not be immediately reached for comment.

Reporting by Jessica Jaganathan; Editing by Manolo Serapio Jr.

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