SINGAPORE: Term talks continued for naphtha and gasoline on Thursday with Bahrain and Pertamina conducting negotiations with potential buyers, trade sources said.
Bahrain Petroleum Co (Bapco) has offered naphtha term cargoes for 2017 at a lower premium, trade sources said.
It has offered the cargoes at a premium of $8 a tonne above Middle East quotes on a free-on-board (FOB) basis, while buyer indications were well below that, one of the sources said.
Bapco sealed a 2016 term naphtha deal with its Asian customers at a premium of about $13.75 a tonne to Middle East quotes on a FOB basis.
Indonesia's Pertamina is seeking 92-octane gasoline for its January to June 2017 term contracts after earlier issuing a term tender for 88-octane gasoline, traders said.
Naphtha spot supply was ample with Indian refiners offering cargoes for late November to December, trade sources said, adding that demand was healthy with crackers running at maximum capacity.
Demand for gasoline was also healthy, with India's Hindustan Petroleum seeking a spot cargo for late November, traders said.
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