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Glencore submits best offer in Bangladesh naphtha tender
September 10, 2017 / 9:16 AM / 16 days ago

Glencore submits best offer in Bangladesh naphtha tender

The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann

DHAKA (Reuters) - State-owned Bangladesh Petroleum Corp (BPC) will sell 170,000 barrels of naphtha to Glencore at a discount of $2.36 a barrel to Singapore quotes, down from the last sale.

Glencore quoted the best price among four companies competing in the tender for the cargo, scheduled to load over Sept. 14 to Sept. 16 on a free-on-board (FOB) basis from Chittagong, a senior BPC official said on Sunday.

BPC last sold a cargo of similar size in mid-May at a discount of 79 cents a barrel to Singapore quotes.

Bangladesh’s Eastern Refinery, the country’s only refinery, with a capacity of 33,000 barrels per day, produces 1.26 million barrels of naphtha a year.

BPC imports 600,000 tonnes of Murban crude from Abu Dhabi National Oil Co [ADNOC.UL] and another 600,000 tonnes of Arab Light from Saudi Aramco annually for the refinery.

Reporting by Ruma Paul; Editng by Christian Schmollinger

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