Bangladesh Petroleum Corp (BPC) has issued a tender to sell 170,000 barrels of naphtha for Aug 3-5 loading from Chittagong, a company official said recently.
The tender will close on July 16, with validity up to July 24.
The tender comes at a time when naphtha sentiment is strong as a string of refinery outages and maintenance in India has dented the country’s gasoline supplies.
State-owned Bangladesh Petroleum Corp sold a same-size cargo to MRI Trading in May at a premium of $1.15 a barrel to Singapore quotes on a free-on-board (FOB) basis, the highest price since March 2013.
It resumed exports of naphtha in November after a four-month hiatus for maintenance and repairs at its sole refinery.
Apart from exporting, BPC sells naphtha domestically to privately-owned Super Petrochemical.
Bangladesh Petroleum Corp has finalised second-half term contracts for refined oil products at mostly unchanged premiums.
Suppliers for Bangladesh’s middle distillates contracts are Kuwait Petroleum Corp (KPC), Malaysia’s Petronas, Emirates National Oil Company (ENOC), Philippines National Oil Company, Vietnam’s Petrolimex, Indonesia’s Bumi Siak Pusako, PetroChina and Unipec.
Bangladesh Petroleum Corp is also buying 700,000 tonnes Murban crude from Abu Dhabi National Oil Co and another 600,000 tonnes of Arab Light crude from Saudi Aramco in 2014 for the Eastern Refinery, up more than 8% from a year earlier.