Bangladesh awards H2 June naphtha sell tender
06 June 2008 07:01 [Source: ICIS news]
SINGAPORE (ICIS news)-- State-owned Bangladesh Petroleum Corp (BPC) has awarded its tender to sell naphtha for lifting in the second half of June, industry sources said on Friday.
The tender was awarded to Trafigura at a discount of $2.11/bbl to Singapore quotes FOB (free on board) Chittagong for loading over 16-19 June. Bids had also been received from Vitol and Glencore at discounts of $4.28/bbl and $5.11/bbl respectively.
The tender, which was slated to close on 13 May, with validity up to 18 May, had been postponed due to financial reasons. The tender had offered 110,000 barrels of open-specification naphtha.
Sources said that BPC ran out of crude stocks early May and had failed to procure supplies due to financial constraints.
BPC is the owner of the country's sole refinery, the 11m bbl/year Eastern Refinery Ltd. The refinery produces 1.8 m bbl/year of naphtha.
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.
By: Desmond Chia
+65 6780 4359
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