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UPDATE 1-Asia Naphtha-Bangladesh tenders to sell 170,000 bbls naphtha
February 9, 2015 / 11:17 AM / 3 years ago

UPDATE 1-Asia Naphtha-Bangladesh tenders to sell 170,000 bbls naphtha

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DHAKA, Feb 9 (Reuters) - Bangladesh Petroleum Corp (BPC) has issued an international tender to sell 170,000 barrels of naphtha for March 11-13 loading from Chittagong, a company official said on Monday.

The tender will close on Feb. 18, with validity up to Feb. 26.

The offer came as the Asian naphtha crack rebounded from a one-week low on Monday to reach a four session high of $99.33 a tonne as prompt supplies stayed tight following strong demand from North Asia last week.

Last year, state-owned BPC sold a cargo of the same size to Socar Trading at premiums of $3.29 a barrel to Singapore quotes for Nov. 27-29 loading, the lowest price in many years.

Apart from exporting, BPC sells naphtha domestically to privately-owned Super Petrochemical.

BPC is buying 700,000 tonnes of Murban crude from Abu Dhabi National Oil Co and another 600,000 tonnes of Arab Light from Saudi Aramco this year for its sole Eastern Refinery in Chittagong. (Reporting by Ruma Paul; editing by David Clarke)

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