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UPDATE 1-Bangladesh to buy oil products for H2 2017 at lower premiums –sources
June 21, 2017 / 9:05 AM / 6 months ago

UPDATE 1-Bangladesh to buy oil products for H2 2017 at lower premiums –sources

(Adds volumes and names of sellers throughout)

DHAKA, June 21 (Reuters) - Bangladesh Petroleum Corp (BPC) has fixed contracts with 10 companies for refined oil product imports in the second half of 2017 at lower premiums than the current term deals, two company sources with direct knowledge of the matter said on Wednesday.

The state-owned company was seeking to buy 1.65 million tonnes of gasoil with a sulphur content of 500 parts per million, 245,000 tonnes of jet fuel and 200,000 tonnes of 180-centistoke high-sulphur fuel oil in 2017 under the term contracts.

The premium for gasoil for the July to December period will be $2.20 a barrel over Middle East quotes, the sources said. That is down from $2.30 a barrel for the first half of this year.

BPC’s term contract for jet fuel was fixed at a premium of $2.80 per barrel over Middle East quotes, the sources said, down from $3 a barrel during the January-June period.

For fuel oil, BPC will pay a premium of $29.73 a tonne to Singapore spot quotes for the second half of the year, they said. That is up from the premium of 15.80 it is paying for the first-half cargoes.

Kuwait Petroleum Corp will supply the bulk of the contract with 1.02 million tonnes of gasoil and 210,000 tonnes of jet fuel, BPC officials said.

Malaysia’s Petronas will supply 210,000 tonnes of gasoil, 60,000 tonnes of fuel oil and 15,000 tonnes of jet fuel.

PetroChina will supply 120,000 tonnes of gasoil and 40,000 tonnes of fuel oil and Unipec will supply 120,000 tonnes of gasoil.

Other sellers include Emirates National Oil Company, Philippines National Oil Co, Vietnam’s Petrolimex, Thailand’s PTT, Indonesia’s Bumi Siak Pusako and Zhenhua Oil. (Reporting by Ruma Paul; Editing by Christian Schmollinger)

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