Venezuela's PDVSA Seeks to Buy a 300,000 bbl Gasoil Cargo

Venezuela's state-run PDVSA launched a tender to buy a 300,000 barrel cargo of gasoil with maximum 0.5 percent sulfur for delivery by May 30 at any of its ports, according to an invitation seen by Reuters on Tuesday.

The tender, launched on short notice, occurs several weeks after Colombia stopped selling natural gas to Venezuela because of a drought that is expected to affect both countries, forcing PDVSA to supply a larger volume of liquid fuels to power plants that back-up hydroelectricity.

A trader with knowledge of the offer said it will be difficult for PDVSA to find a gasoil supplier for this week, so it is possible that the company will agree to receive the cargo in June or to pay a high price for it.

Bids must be indexed to gasoil number 2 from the U.S. Gulf Coast and payment of this cargo will be made by PDVSA 35 days after completion of discharge, according to the invitation.

PDVSA resumed exports of ultra low-sulfur diesel (ULSD) in January, after years dedicating all of its production of this fuel to the domestic market. Its last tender to sell diesel from its 187,000 barrel per day (bpd) Puerto la Cruz refinery was launched in early April.

(Reporting by Marianna Parraga; Editing by Anna Driver)