October 10, 2016 / 8:41 AM / a year ago

Asia-Naphtha-Bangladesh issues tender to sell 170,000 bbls naphtha

DHAKA, Oct 10 (Reuters) - Bangladesh Petroleum Corp (BPC) has issued an international tender to sell 170,000 barrels of naphtha for Nov. 17-19 loading from Chittagong, a company official said on Monday.

The tender will close on Oct. 31 with validity up to Nov. 8.

The tender comes at a time when Asia’s naphtha crack rose to a six-session high of $46.75 a tonne on Friday with support from Europe where demand for gasoline has remained firm.

Last month, state-owned BPC sold a cargo of the same size to Geneva-headquartered trading firm Vitol at a discount of $1.95 to Singapore quotes.

Bangladesh’s sole Eastern Refinery, which has a capacity of 33,000 barrels per day, produces 1.26 million barrels of naphtha a year.

BPC is importing 600,000 tonnes of Murban crude from Abu Dhabi National Oil Co and another 600,000 tonnes of Arab Light from Saudi Aramco this year for the refinery. (Reporting by Ruma Paul; Editing by Subhranshu Sahu)

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