03 November 2008 06:53 [Source: ICIS news]
SINGAPORE (ICIS news)--India’s Bharat Petroleum Corp (BPCL) has cancelled its naphtha sale tenders for November and December as bids were much lower than Middle East quotes, industry sources said on Monday.
The tenders were for two cargoes of low aromatics naphtha (LAN) of 30,000 tonnes each. One cargo was offered for lifting from Mumbai on 23-27 November and the other on 20-25 December.
Bids were at heavy discounts - more than $55/tonne - from Middle East quotes FOB (free on board) and even lower than the last sales by Indian suppliers, down $40/tonne for full-range material or $42/tonne less for open spec supplies.
BPCL previously sold a 30,000 tonnes cargo of high aromatics naphtha (HAN) for lifting from Mumbai over 15-20 November to a western trader at a discount of $35-36/tonne to ?xml:namespace>
The Indian refiner had been cancelling a couple of its offerings, including a 30,000 tonne HAN cargo for lifting over 15-25 December and a 27,000 tonne HAN cargo for lifting over 10-15 November because of muted bidding interests.
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