September 10, 2017 / 9:16 AM / a year ago

Glencore submits best offer in Bangladesh naphtha tender

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.

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

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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