Thursday, 9 February 2012 at 16:01, Reuters, Singapore
BPCL is now offering a total of 210,000 tonnes of low aromatic naphtha for April-June loading from Mumbai. (REUTERS)
India's Bharat Petroleum Corp Ltd (BPCL) sold a March naphtha cargo to Vitol for a record premium because of tight supplies amid steady demand, traders said on Thursday.
The 35,000-tonne parcel was sold at about $37 a tonne to Middle East quotes on a free-on-board (FOB) basis, with a minimum 72 per cent paraffin content from Kochi for March 5-8.
BPCL last earned premiums close to that was in May 2011 when it sold a cargo to Petro-Diamond from Mumbai for about $35 a tonne above Middle East quotes.
BPCL is now offering a total of 210,000 tonnes of low aromatic naphtha for April-June loading from Mumbai, or two 35,000-tonne cargo a month, in a tender which closes on Feb. 14, with bids to stay valid until Feb. 16.
The refiner may continue to get high bids as naphtha supplies are tight due to reduced shipments from Europe and with Saudi Arabia shutting its Ras Tanura refinery for maintenance next month.
BPCL has an existing contract to supply first-quarter cargoes to Marubeni at premiums ranging from $18.00-$22.75.
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