India’s BPCL sells 73,000 tonnes naphtha for July loading

12 June 2013 08:29  [Source: ICIS news]

SINGAPORE (ICIS)--India’s Bharat Petroleum Corp Ltd (BPCL) has sold by tender two naphtha cargoes totalling 73,000 tonnes to trading company Trafigura for loading in July, traders said on Wednesday.

The premiums were generally weaker as compared with recent BPCL tender sales because of an oversupplied naphtha market in Asia, the traders said.

BPCL sold 35,000 tonnes of naphtha for loading from Kochi on 5-8 July at a premium of $27.00/tonne (€20.25/tonne) to Middle East quotes FOB (free on board), as well as 38,000 tonnes of naphtha for loading from Mumbai on 13-15 July at a premium of $26/tonne to Middle East quotes FOB, they added.

BPCL previously sold by tender two naphtha cargoes totalling 73,000 tonnes for loading from Mumbai in June. The company sold a 38,000 tonne cargo to Unipec at a premium of $32-33/tonne to Middle East quotes FOB for loading on 11-13 June.

BPCL also sold a 35,000 tonne parcel to Shell at a premium of around $28/tonne to Middle East quotes FOB for loading on 28-30 June.

In an earlier tender, BPCL sold by tender a total of 145,000 tonnes of naphtha for loading from June to August.

Japanese trading firm Marubeni was the buyer of the two combined cargoes for loading in the second half of June and the second half of August. Each combined cargo comprises 35,000 tonnes of naphtha for loading from Mumbai and 20,000 tonnes of naphtha for loading from Kochi.

The June-loading cargo fetched a premium of $33/tonne to Middle East quotes FOB, while the deal for the August-loading cargo was done at a premium of $30/tonne to Middle East quotes FOB.

In the same tender, Total bought a 35,000 tonne naphtha cargo for loading from Mumbai in the second half of July at a premium of $31/tonne to Middle East quotes FOB.

($1 = €0.75)


By: Felicia Loo



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