Reliance Industries has finalised the gasoil term contract for 2012 with at least four buyers and is negotiating with a few more at premiums higher than this year, sources with knowledge of the matter said.

It is selling the 500 ppm sulphur gasoil at premiums of between $3.00 and $3.10 a barrel to West Asia quotes and the 10 ppm sulphur gasoil at premiums of between $4.25 and $4.50 a barrel, they said.

Details on exact volumes and buyers were not available.

The 500 ppm sulphur gasoil premium is more than 40 percent higher than the current term premium of $2.10 a barrel, traders said.

The current details on the company's 10 ppm sulphur gasoil term contract is not known.

Term premiums by the Indian private refiner is in line with those of refiners in the Middle East.

Premiums for gasoil term contracts for next year are generally higher on expectations that demand will increase from countries in Africa and the West Asia, traders said.

Bahrain Petroleum Co (Bapco) finalised its term contracts for gasoil lifting in 2012, at a premium of $3 a barrel for gasoil while Kuwait Petroleum Corp concluded its 2012 term contracts at a premium of $2.85 a barrel.

"Europe is looking more bearish than Asia for next year, so term levels have been keeping up with potential growth in demand in the region," a Singapore-based trader said.