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Glencore succeeds to bag BPC naptha tender
02
Jan '08
Each month Bangladesh Petroleum Corporation, floats tender for the export of Naphtha. This time, Glencore International, one of the largest marketeer for the Crude Oil and Oil Products globally, made the best bid for importing 110,000 barrels of open-specification naphtha for the month of January.

Glencore quoted a discount of US $1.65 a barrel to Singapore spot naphtha with its free-on-board quote of $92.53 per barrel.

When Fibre2fashion contacted Bangladesh Petroleum Corporation, in this regard, official sources said, “Ours is a free destination trade. Each month we float tenders for the companuies to bid and we trade with those who give us the best deals.”

According to the source, apart from Swiss Glencore, Projector Asia Pvt Ltd and Vitol Asia from korea also took part in the naptha tender.

Talking about the production capacity, the source said, “We produce 90,000–1,20,000 barrels of naphtha each month. By next year we expect that our output will reach to 150,000 barrels per month.

“We have three estorage tanks for reposition purposes and one of them is closed for maintaining purposes, which will get completed by the end of this year. We will ship naphtha for Glencore from our Chittagong Port itself.”

Fibre2fashion News Desk - India

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