Bangladesh BPC to award naphtha sell tender to Unipec following rebids

08-Nov-13

State-owned Bangladesh Petroleum Corporation has decided to award its sell tender for 170,000 barrels of heavy naphtha to Unipec Singapore, as it offered a better price than Vitol Asia in the rebid process Thursday, as per a senior BPC official in Platts. The two companies had submitted best bids- a discount of 79 cents/barrel to the Mean of Platts Singapore naphtha assessments, FOB -- into the tender. This was the first time BPC received identical bids and could not decide which company to award the tender to, so it sent letters to both companies requesting rebids. BPC asked for resubmission of bids. In its bid resubmission, Unipec Singapore offered a discount of 77 cents/b to MOPS naphtha assessments, FOB, while Vitol Asia submitted a discount of 78 cents/b FOB. This is BPC's first naphtha spot offer in four months, as exports were limited by a 40-day full turnaround at the company's 1.5 mln tpa (30125 bpd) refinery in Chittagong over July-September, and the start of an offtake agreement with privately owned Super Petrochemical.