EMEA News
Kuwaiti Refinery to Start LSFO Spot Sales
The Al Zour in Kuwait has issued its first tender for fuel oil sales following a near eight-week hiatus, according to Reuters on May 15 citing trade sources. The move follows a partial shutdown that had halted spot sales at the complex.
Al Zour's low-sulphur fuel oil (LSFO) tenders are closely watched by market participants as the refinery, the country's newest, is poised to be a major LSFO exporter when it is fully back online, competing with other refiners in Asia and the Middle East.
Expectations of the resumption in Al Zour's LSFO exports have caused Asia's refining margins for the marine and power generation fuel to ease by more than 3% in May so far, Refinitiv data showed the report said.
The refinery has offered 120,000 to 150,000 metric tonnes of LSFO -- with maximum sulphur content of 0.5% -- for loading between May 27 and 28 in a tender that closes on May 15, the sources said.
