Bangladesh issues tender for first export tender in four months

26-Oct-13

State-owned Bangladesh Petroleum Corporation (BPC) will issue a tender to sell 170,000 barrels of naphtha for Nov. 13-15 loading from Chittagong, in its first export tender in four months, as per a company official in Reuters. Exports had come to a standstill due to maintenance and repair work at its sole refinery. The offer comes at a time when healthy demand has kept up Asian naphtha premiums, margins and the inter-month time spread, or the differential between H1-December 2013 and H1-January 2014 prices. On average, the 1.5 mln tpa Eastern Refinery, a subsidiary of BPC, exports one 170,000 barrel naphtha cargo about every 45 days. It will be supplying 40,000 barrels of naphtha next month domestically to privately owned Super Petrochemical Ltd after selling a similar volume this month.