Vietnamese state-controlled oil firm Petrolimex is seeking prompt-loading diesel because of issues at the country's largest refinery, the 200,000 b/d Nghi Son.
Petrolimex has issued a spot tender to buy two cargoes of 500ppm sulphur gasoil for 1-20 May loading from either southeast Asia or South Korea. The tender, which closes on 28 April, is the second that Petrolimex has issued in the past week for prompt-loading high-sulphur gasoil.
Petrolimex previously sought a high-sulphur gasoil cargo for 1-20 May loading through a spot tender that closed on 25 April. It did not seek any 500ppm sulphur gasoil for May loading prior to this tender, Argus records show, after a flurry of April-loading cargo purchases in March.
The sudden, latest requirement comes after a lull in buying activity for 500ppm sulphur gasoil and at a time of domestic refinery issues.
The 200,000 b/d Nghi Son plant has been operating at lower run rates because of some issues at a secondary unit, possibly its residual fluid catalytic cracker.
Runs at the refinery should have dropped below 70pc and could be at around 50pc, market participants said, although the exact rate could not be confirmed with operator Nghi Son Refinery and Petrochemical (NSRP).
NSRP has been plagued by issues including a potential lengthy shutdown because of financial problems and a February fire that led to a brief closure of the refinery.
The sudden demand for high-sulphur gasoil is likely to further narrow the record-wide spread between 10ppm sulphur and 500ppm sulphur gasoil. The spread already narrowed from a record high of $11.55/bl on 22 April to around $9.75/bl on 27 April.
