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Augusta Energy of Geneva has bagged a deal worth of USD500m to import 540,000 tons of oil through bulk procurement in two months from January next year. The winning dealer will spend USD500m (equivalent to 850bn/-) to procure over 500,000 tons of petroleum in a period of two months, under the project.
Petroleum Importation Coordinator (PIC) Limited board chairman Mansoor Shanif Hiran said, “We have reached a milestone as a country and this project is bound to be successful.”
Accordign to the chairman, the bidders included the average pricing of gasoil (diesel) at USD59.88/mt, motor spirit (petrol) at USD65.88/mt and jet oil A1/1K at USD 58.88. Vitol SA, Geneva was the first to be dropped from the list, as it did not meet the basic criteria, says the PIC chairman.
He added that the company did not tender the information and security forms and purchase receipt.
