Bharat Petroleum Corp Ltd (BPCL) has sold a total of 114,000 tons of naphtha for a three-month period starting April to Japan's Idemitsu Kosan, as per Reuters. Idemitsu will lift a 38,000 ton cargo every month. The deal was concluded at a premium of US$2/ton on a free-on-board (FOB) basis to BPCL's own price formula. This was the first time BPCL is adopting the formula which includes benchmark Platts' Middle Eastern quotes and a freight component. It was unclear why BPCL is using this formula instead of the traditional Middle Eastern quotes.
BPCL had initially given interested buyers three options - to either purchase the cargoes on a three-month basis, half-yearly or for 12 months.
13-Mar-14 
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