Vietnam’s Nghi Son Refining & Petrochemical (NSRP) has announced its second offering of spot prompt 500ppm sulfur gasoil within the month, as indicated by a document published on the company’s website. Trade sources suggest that this decision stems from a decline in domestic demand for fuel. The refinery is looking to sell 40,000 kilolitres (approximately 251,592 barrels) of gasoil, intended for transport and industrial use, with loading scheduled between March 24 and March 31. The tender for this offering will close on March 13; however, no specific details regarding the validity dates were provided.
The outcome of NSRP’s earlier tender for February cargo remains unclear. Nevertheless, local demand has been reported to be lower than anticipated, although there is some optimism regarding an improvement compared to last month. One trade source based in Vietnam indicated that a firmer demand may be on the horizon for April. In addition to NSRP, Petrolimex, another major fuel player in the country, purchased around 11,000 metric tons of 10ppm sulfur gasoil and 35,000 tons of 500ppm sulfur gasoil two weeks ago.
Some regional traders noted that these figures are somewhat lower than what is typically expected. Overall, the fuel market in Vietnam is currently navigating challenges related to fluctuating demand, impacting the offerings and sales strategies of its key players.