State-run Bangladesh Petroleum Corporation (BPC) has re-tendered to export 170,000 barrels of heavy naphtha for September delivery as the prices it received in previous tendering were too low, said a senior BPC official.
BPC will export the naphtha on free on board (FOB) basis from Chittagong port meaning that the importers would have to take the naphtha delivery from the port.
The deadline for submission of the bid is September 5 having the offer validity until September 12.
The naphtha will be delivered to the bid winner within September 14 to Sept 16.
Vitol Asia had submitted the highest out of four bids to the BPC’s tender offering at a discount of 2.17 cents per barrel to the Mean of Platts Singapore naphtha assessments on a FOB basis in the previous tendering closed on August 21.
Glencore's offer was at a discount of 2.36 cents per barrel, Itochu's at a discount of 3.40 cents per barrel and Trafigura's offer was at a discount of 3.85 cents per barrel to the Mean of Platts Singapore naphtha assessments on a FOB basis.
The company last awarded a similar-sized parcel of naphtha for loading over May 11-13 to Vitol Asia at a discount of US$0.79/b to the Mean of Platts Singapore naphtha assessments on an FOB basis.
BPC receives naphtha as a byproduct from its wholly owned subsidiary 1.5 million mt/year (30,000 b/d) Eastern Refinery Ltd. in Chittagong.