FINANCIAL NEWS

Ceylon Petroleum to import gas oil from UAE

02 Sep 2010

(MENAFN) Sri Lanka’s Ceylon Petroleum Corp (Ceypetco) is expected to sign a deal to import 720,000 tonnes of gas oil for a year from a UAE-based firm, Reuters reported.

The UAE’s Al-Ain International Petroleum Derivatives Trader gets its products from Russia, Egypt and Iran as they are cheaper than in parts of the Middle East, the sources said.

A Russian producer would possibly supply Al-Ain if the deal goes through, they added. They declined to name the company involved and Al-Ain, a family-owned company based in Al-Ain, declined comment.

The cargoes of 0.25 percent sulphur gas oil, for delivery beginning in September and continuing to August next year were offered at $4 a barrel below Singapore quotes, traders said.

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