Markets
Bangladesh offers to sell 170,000bbls naphtha
DHAKA : State-owned Bangladesh Petroleum Corporation (BPC) has offered to sell 170,000 barrels of open-specification nap
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The tender will close on July 28 with validity up to Aug. 3 for loading on a free-on-board (FOB) basis from Chittagong.
The offer comes at a time when Asia's naphtha market is still struggling with high stockpiles.
BPC, owner of the country's sole refinery, previously sold a similar cargo to Glencore at a discount of $2.78 a barrel to Singapore spot quotes for lifting over June 28-30.
Eastern Refinery in Chittagong exports nearly 1 million barrels of naphtha a year.
However, Bangladesh will stop exports of naphtha from the end of this year as petrochemical companies come online, BPC Chairman Mohammad Muqtadir Ali told Reuters last month.
Copyright Reuters, 2011