BPCL buys less than half the volumes

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