Bangladesh stalls naphtha sell tender till H2 June

16 May 2008 09:57  [Source: ICIS news]

SINGAPORE (ICIS news)--State-owned Bangladesh Petroleum Corp (BPC) has postponed its recent sell naphtha tender due to financial reasons, industry sources said on Friday.

Sources said that BPC ran out of crude stocks early May and had failed to procure supplies due to financial constraints. Its next schedule for naphtha loading is slated for 19-22 June.

The best bid to state-owned BPC's naphtha sell tender was heard at a discount of $4.77/bbl to Singapore quotes FOB (free-on-board) Chittagong from a western trader.

A cargo of 110,000 barrels of open spec naphtha were offered via the tender, which had a deadline of 13 May with validity up to 18 May, for lifting from Chittagong over 2 June to 5 June.

Sources noted that few buyers can purchase the cargo due to logistical issues.

BPC is the owner of the country's sole refinery, the 11m bbl/year Eastern Refinery.  

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

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By: Desmond Chia
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