Bloomberg News

Korea Western Power Buys 314,000 Tons Fuel Oil for Next Year

December 05, 2008

Korea Western Power Co., one of the six generating units of Korea Electric Power Corp. (015760), bought a total of 314,000 metric tons of fuel oil, a company official said.

The company bought 160,000 metric tons of high-sulfur fuel oil for January delivery, two cargoes from Hyundai Oilbank Co. and the other two cargoes from Vitol Asia, said the official who asked not to identified because of internal policy.

Separately, Korea Western Power also purchased 180,000 kiloliters, or around 154,458 tons of medium-sulfur fuel oil from SK Energy Co. for delivery between January and June on a long- term contract basis, he said.

The table below gives details of the company’s purchases.

International Tender
Product:      High-sulfur fuel oil
Quantity:     160,000 metric tons
Sulfur:       Maximum 2.59 percent
Delivery:     January
Price:        **MOPS fuel oil + $30-40 a ton for two cargoes
              $250-270 a ton for two cargoes
Seller:       Hyundai Oilbank, Vitol
Port:         Pyong Taek power plant

Local Tender
Product:      540-centistoke fuel oil
Sulfur:       Maximum 2.5 percent
Quantity:     180,000 kiloliters
Seller:       SK Energy Corp.
Delivery:     January-June
Port:         Pyongtaek thermal power plant

**MOPS = Mean of Platts Singapore. Platts is an oil-pricing service.

To contact the reporter on this story: Shinhye Kang in Seoul at;

To contact the editor responsible for this story: Clyde Russell at

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