Nigeria's PPMC awards Q2 gasoline tender: sources

NIGERIA'S PIPELINES AND Products Marketing Company has issued the award for the second quarter gasoline tender.

"Nigeria's getting pretty active, as the second quarter PPMC awards are out for May and June...it's long overdue," said one source.

Around 15-20 cargoes have been taken in the tender, although these numbers were not confirmed, while at least four cargoes have been sold recently in Europe for exporting to Nigeria, trading sources said. Shipping sources also confirmed the tender.

Over the last two days, six Medium Range tankers have been fixed between the UKCont and West Africa, at between world scale 165 and w182.5. Currently the UKC-WAF rate is pegged at w201 for 33,000mt, the highest level since March2, according to Platts data.

West African gasoline cargoes have been trading around a $20/mt discount to RON 95 premium unleaded gasoline barges, currently assessed at $744/mt.

Initially, between 14 and 18 gasoline cargoes were slated to be delivered CIF Lagos during February for the West African first-quarter 2010 tender.

The PPMC issues quarterly tenders for refined products. It is the subsidiary of the state-owned Nigerian National Petroleum Corp, responsible for fuel importation, supply and distribution in the domestic market.

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