On Thursday, sources in the market reported that Indian private refiner Nayara Energy had issued a very rare tender for vacuum gasoil loading (VGO).

Sources said that the refiner had offered 70,000 metric tonnes of VGO, with a maximum of 3% sulphur. The VGO was scheduled to be loaded from Vadinar Port in Gujarat state on the west coast of India between September 1 and 10.

Refiners rarely comment on commercial transactions.

VGO is the residual fuel produced by petroleum distillation. It can be used to produce transportation fuels during refining.

Based on data from Kpler & LSEG ship tracking, the company exported its last VGO cargo during maintenance at Vadinar in December 2022.

Sources said that the cargo is typically priced on a Dubai Crude basis. The latest tender will close on Thursday, with a same-day valid.