BPCL buys less than half the volumes
NEW DELHI: India's Bharat Petroleum Corp Ltd (BPCL) bought just 12,000 tonnes of Euro III and IV gasoline, or less than half the volumes it sought for July, traders said on Wednesday.
It has separately sold a Euro II gasoline cargo for July lifting to Trafigura and has an outstanding tender to buy a total of 39,000 tonnes of Euro III and Euro IV motor fuel for July arrival.
BPCL bought a small 5,000-tonne cargo for July 12-15 arrival at Paradeep and another 7,000-tonne for the same arrival dates at Haldia on late Tuesday from Vitol at premiums of $9.90 a barrel to Singapore quotes on a cost-and-freight (C&F) basis.
It cancelled the remaining purchases of a 10,000-tonne cargo for July 4-7 arrival at Kandla and another parcel of the same volume also for July 4-7 arrival but at Mumbai.
The reasons behind the cancellations were not known. It has issued a new tender seeking 10,000 tonnes for July 12-15 arrival at Kandla, and 20,000 tonnes for the same arrival dates at Mumbai.
The buy tender, which closes on June 27, also includes an 8,000-tonne cargo for July 17-23 arrival at Chennai and 10,000 tonnes for the same arrival dates at Kochi.
Offers are to stay valid until June 28.
BPCL had separately sold to Trafigura a 27,000-tonne Euro II parcel for July 5-7 loading from Kochi at a discount of $3.80 a barrel to Singapore quotes on a free-on-board (FOB) basis.
Copyright Reuters, 2011
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