A sign is pictured in front of the Vitol Group trading commodities building in Geneva October 4, 2011. Picture taken October 4, 2011. (Reuters Photo/Denis Balibouse)

Bangladesh Naphtha Tender Gets Best Offer From Vitol


APRIL 26, 2017

Dhaka. State-owned Bangladesh Petroleum Corp (BPC) will sell 170,000 barrels of naphtha to Vitol at a discount of 79 US cents to Singapore quotes, from a discount of 17 cents when it sold a similar-sized cargo to the oil trading giant in February.

Vitol quoted the best price among four companies competing in the tender for the cargo, scheduled to load over May 11-13 on a free-on-board (FOB) basis from Chittagong, a senior BPC official said on Tuesday (25/04).

Bangladesh's sole Eastern Refinery, with a capacity of 33,000 barrels per day, produces 1.26 million barrels of naphtha a year.

BPC imports 600,000 tonnes of Murban crude from Abu Dhabi National Oil Co and another 600,000 tonnes of Arab Light from Saudi Aramco annually for the refinery.