Platts includes Singapore oil terminal in gas oil pricing process

[SINGAPORE] Oil pricing agency Platts said on Monday it will include the Pulau Seraya Power Station Terminal in Singapore in its Singapore gasoil price assessment process from late September.

The move is expected to offer traders more flexibility in loading cargoes and improve market liquidity, traders said.

Following positive feedback from the industry to its proposal in August that Pulau Seraya terminal deliveries be included in its price assessment, Platts will go ahead with the move effective Sept 25, it said in a note to its subscribers.

Platts, a unit of McGraw Hill Financial Inc, provides Asian benchmark price assessments for most oil products traded in the region.

Apart from terminals in Singapore, Platts also recognises Malaysia's Pasir Gudang, Tanjung Langsat, Tanjung Bin, Pengerang and a few floating storage units in nearby waters for its Singapore price assessment process.

The Pulau Seraya terminal has four berths and an overall storage capacity of 835,000 cubic metres, of which 180,000 cubic metres is set aside for clean oil product storage, Platts said.

At one metre tide, the approaching draft is about 12.6 metres and is able to accommodate Aframax and partially-laden Suezmax-sized vessels, it added.

REUTERS