Bidder seeks Bangladesh naphtha at $4.77/bbl cut

14 May 2008 09:40  [Source: ICIS news]

SINGAPORE (ICIS news)--The highest bid for state-owned Bangladesh Petroleum Corporation’s (BPC) naphtha sell tender was heard at a discount of $4.77/bbl to Singapore quotes, according to industry sources on Wednesday.

 

However the tender which offered 110,000 barrels of open-specification naphtha for lifting from Chittagong over 2 June to 5 June was cancelled early this week.

 

The bid from a western trader was on a FOB (free on board) Chittagong basis.

 

 The tender was scheduled to have closed on 13 May, with validity up to May 18.  

 

Reasons for the cancellation were not known. Industry players suggested it could be due to operational reasons but exact details remained sketchy.

 

Sources noted few buyers could purchase cargoes due to logistical reasons.

 

BPC is the owner of the country's sole refinery, the 11m barrels per year Eastern Refinery Ltd.   

 

BPC previously sold a similar cargo at a discount of $2.47/bbl to Singapore quotes FOB Chittagong for lifting over 25-28 April to a western trader.

 

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By: Desmond Chia
+65 6780 4359

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